What Happened to Las Iguanas (restaurant chain)?

Las Iguanas, a vibrant casual dining chain offering Latin American-themed food and cocktails, began its journey in Bristol in April 1991, founded by Eren Ali and Ajith Jaya-Wickrema. The brand quickly established itself, expanding its presence across the UK. In 2002, private equity firm Piper Private invested in the growing chain, helping it expand from four to 14 restaurants. By 2007, Piper exited with a significant return, selling Las Iguanas to Bowmark Capital for £27 million.

The chain continued to grow, and in June 2015, it was acquired by Casual Dining Group (CDG), which also owned Bella Italia and Café Rouge. By July 2019, Las Iguanas operated 57 outlets in the UK. However, the casual dining sector in the UK faced increasing pressures, including overcapacity, weak consumer confidence, and rising operational costs. The onset of the COVID-19 pandemic in early 2020 delivered a severe blow to the industry. In May 2020, CDG announced it was working with advisors on next steps, and by July 2, 2020, the company entered administration, leading to the closure of 91 outlets across its brands, including 11 Las Iguanas branches.

In August 2020, a new business formed by private equity firm Epiris acquired CDG's core brands, including Las Iguanas, Bella Italia, and Café Rouge, out of administration. This new entity was rebranded as The Big Table Group, preserving over 4,000 jobs and more than 150 restaurants. Epiris invested significant capital to stabilize and reopen the businesses. Under The Big Table Group, Las Iguanas continued to operate, with the parent company expanding its portfolio through acquisitions like Banana Tree in 2022 and The Restaurant Group's Leisure Division in September 2023, which included brands like Frankie & Benny's and Chiquito.

Despite these strategic moves, Las Iguanas has once again encountered significant financial difficulties in 2025 and 2026. The company reported a pre-tax loss of £3.4 million for the year ended October 27, 2024. Lawyers for Iguanas Holdings Limited, the entity within Big Table Group that holds Las Iguanas' property leases, informed the High Court on May 6, 2026, that the company lost nearly £10 million in the 2025 financial year and had 'fallen into financial difficulties.' These pressures are attributed to the ongoing cost of living crisis, reduced discretionary spending, and a decline in alcohol consumption among its target demographic of 18-35 year olds, coupled with many sites being 'significantly over-rented.'

Current Status as of May 11, 2026: On May 7, 2026, the High Court granted approval for Las Iguanas to proceed with a restructuring plan. This plan proposes to write off approximately £37 million in loan note debt and renegotiate lease terms with landlords across its 44 UK sites. The Big Table Group has committed a £3 million capital injection as part of this restructuring. A creditor vote on the plan is scheduled for May 28, 2026, and if approved by a 75% majority, a sanction hearing will follow on June 5, 2026. While the company aims to avoid administration and does not anticipate significant site closures, the failure of the plan could lead to administration and the closure of all its restaurants.