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Las Iguanas could close all UK restaurants amid £37m debt

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The major UK restaurant chain operates 44 sites across the UK, but has none in Oxfordshire after Oxford’s Park End Street eatery closed back in June 2017.

Las Iguanas, owned by Iguanas Holdings Ltd, a subsidiary of Big Table Group, has confirmed that it has submitted an application to the Court to launch a restructuring plan of Iguanas Holdings Ltd.

This is amid the company “drowning” in debts of £37,000,000, according to a report in The Sun today (Wednesday, May 6).

A statement from the group said: “Over the past few years, the UK’s wet‑led, casual dining sector has faced well‑documented challenges, including reduced alcohol spend, lower consumer confidence, and younger guests shifting their eating‑out choices.

READ MORE: Four Oxfordshire restaurants at risk of permanent closure with jobs at risk

“These pressures have been compounded by government policies that have had a severe impact on the hospitality industry.

“This has been reflected across the market, with several operators reporting significant financial challenges in recent months.

“Las Iguanas have been working with advisors (Teneo) to explore the full range of strategic options for the brand.

“This review concluded that a targeted restructuring plan represented the most suitable route to securing the future of the brand.

“The restructuring plan is a legal process which, if approved, allows for rent reductions across relevant sites for a three-year period.”

READ MORE: Two major UK restaurant chains set to close with 3,800 jobs lost

It is noted that The Big Table Group is the dining brand behind several other high street names, including Frankie & Benny’s, Bella Italia, and Banana Tree.

Although there are no Las Iguanas in Oxfordshire, several of these other brands can be found in the county.

There is a Frankie & Benny’s and a Banana Tree in Oxford, while Bella Italia can be found in the city as well as in Witney.

With this in mind, this newspaper contacted The Big Table Group to enquire whether these brands are also in danger of closing.

A statement from the firm said: “The restructuring plan relates solely to Iguanas Holdings Ltd, the legal entity that carries the Las Iguanas brand’s property leases and related costs.

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“It does not include The Big Table Group business, nor its suppliers, its employees or any of the group’s other brands.”

Chief executive Alan Morgan echoed this with his recent statement, which said: “Las Iguanas has been part of the UK’s hospitality landscape for more than 30 years.

“This plan is about reinforcing the brand’s long-term sustainability in a part of the market that has been, and continues to be, impacted by negative market trends and incredibly poor government decisions.

“This process does not include any other part of The Big Table Group business.

“All Las Iguanas restaurants continue to operate as normal, and I thank the teams for their continued hard work and dedication.”





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Keepit launches AI Truth Cloud to verify data for AI

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Keepit has launched AI Truth Cloud, marking a broader push to position backup data as a trusted source for artificial intelligence systems.

The launch signals a new direction in how Keepit wants customers to use the copies of business data it stores outside production systems. Rather than treating backup mainly as a tool for compliance, recovery or ransomware response, Keepit is presenting it as a separate data layer that AI systems can verify, govern and use.

The platform is built around five pillars: Protect, Observe, Recover, Prove and Integrate. Keepit says they are intended to support a broader approach to data trust as organisations increasingly rely on AI agents and models in operational decision-making.

Three product areas are central to the initial rollout. AI Connector Backup is designed to protect AI-related assets such as agent configurations, skills, projects and models, with point-in-time restore. Keepit MCP is a headless API layer intended to connect Keepit-managed data to AI tools and workflows. AI Safe Room is an isolated environment based on an immutable copy of data for training, inference and testing away from live production systems.

Keepit says organisations should be able to verify the authenticity, provenance and integrity of data before it is used by an AI system. It also argues that a separate, immutable copy can serve as a recovery point if an AI tool, agent or model behaves unexpectedly.

Trust layer

Keepit is seeking to distinguish itself from AI vendors by stressing its role as an independent custodian of data copies across the applications it protects. Those copies are held in a vendor-independent cloud, which the company says gives customers a source of data outside the influence of third-party software providers.

The move comes as more software groups and infrastructure suppliers try to define their place in the AI stack. For backup and cyber recovery vendors, that increasingly means presenting stored data not just as insurance against outages or attacks, but as a controlled asset that can feed AI systems without exposing production environments.

Keepit plans further development across all five pillars, including AI agent behavioural monitoring, automated compliance evidence generation, cryptographic data provenance and AI-driven threat rollback. It did not provide launch timings for those features.

Alongside the product launch, Keepit is introducing an independent software vendor partnership strategy. The plan would allow software vendors to integrate Keepit’s approach to sovereignty, immutability and governance into their own products, extending the platform’s reach beyond direct customers.

Keepit also said it would continue broadening the range of applications and environments it supports as customers adopt more AI-driven and agentic workflows. The company argues that protecting the data AI tools create and consume will become a new area of demand for backup suppliers.

Frederik Schouboe, Co-founder and Chief Visionary Officer at Keepit, said the product is designed to address a basic question: whether data used by AI can be trusted. “Organisations are making high-stakes decisions based on what their AI tells them. But data that can’t be verified shouldn’t be acted on. AI Truth Cloud gives enterprises an independent, tamper-proof, and provably complete data foundation – one that AI can safely reason from, one that organisations can prove the integrity of and roll back to a known-good state from when a decision goes wrong. Verifying the truth before you act, and recovering it when you didn’t. That is what it means to own the truth,” Schouboe said.

Customer demand

Keepit says some customers are already using its data foundation in AI-related workflows. Quanta Services echoed that message, linking verified and immutable data to greater confidence in AI use inside the business.

“Knowing that our AI is working from a verified, immutable source changes the conversation from risk management to competitive advantage. Keepit has become a foundational part of how we think about data integrity for AI,” said Tom Hicks, Senior Manager, Identity, Quanta Services.

Channel partners also pointed to demand from regulated sectors. Phoenix said public sector customers in particular are looking for ways to demonstrate that AI systems are used responsibly and can be audited.

“Our customers – especially in the public sector – are asking how they can use AI responsibly and demonstrate that to regulators. AI Truth Cloud changes that conversation from aspiration to practice. With an auditable, protected data layer built in, we can help organisations deploy AI at scale without compromising on governance or recoverability,” said Jonny Scott, Head of Cyber Advisory, Phoenix.

Keepit, which is headquartered in Copenhagen and says it serves more than 25,000 companies, has built its business around protecting software-as-a-service data in a cloud operated independently of the software vendors whose applications its customers use. The AI Truth Cloud launch extends that model into the growing debate over where reliable data for AI should sit and who should control it.



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Staff at two major UK banks brace for further redundancies

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Staff at Santander and TSB are facing the job cuts are TSB was taken over by the Spanish-owned bank earlier this year.

A source from Santander told The Times that “there is going to be an impact on jobs” due to the £2.65 billion takeover deal.

There are currently around 23,000 people employed by Santander and TSB, however it’s not known how many of these jobs will be affected.

A spokeswoman for Santander told The Times they have not yet “made operational decisions on jobs”.

“However, we will ensure that our colleagues are informed of any changes at the appropriate time.”

READ MORE: Mel C ‘had a little chat’ with Geri Haliwell after she wore white at her wedding

TSB was taken over by Santander at the end of April in a deal worth nearly £3 billionTSB (Image: Getty Images)

TSB has already announced it will make 130 people redundant following the acquisition.

A spokesperson for TSB said: “Whenever we make any changes to our business, the priority is to consult first with impacted colleagues to ensure they’re fully supported.”

The banks have also drawn attention for telling staff they need into the office three days a week from April 2027.

TSB did not previously require staff to work from the office for a set number of days.

There are Santander stores in Abingdon, Bicester, and Witney.

Meanwhile there are TSB branches in Witney and Wantage, the bank also operates a pop-up location in Chipping Norton.

Santander UK has pledged not to shut any more branches across its network and those of the recently-acquired rival TSB before 2028, despite the plans to cut costs further over the rest of the year.





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AVK secures Partners Group backing for data centres

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AVK has secured a majority investment from Partners Group, including an initial commitment of more than $1 billion.

The deal is the first time AVK has taken external funding in its 36-year history. Chief Executive Officer Ben Pritchard will retain a significant shareholding alongside the existing management team.

Investing on behalf of its clients, Partners Group will become the majority shareholder in the UK and European supplier of power systems for data centres and AI infrastructure. It will also provide capital to support the buildout of on-site infrastructure under an energy-as-a-service model for data centre operators.

The funding will support AVK’s strategy to fund, develop, own, and operate on-site power systems, including microgrids. The company already has a pipeline of more than 2GW tied to that plan.

The investment comes as data centre operators across Europe face growing pressure to secure electricity more quickly, with grid connection delays and constrained power availability becoming bigger obstacles to expansion. AVK says on-site generation can help reduce delays by bringing supply closer to the facilities that need it.

AVK has built its business around prime, standby, modular, and dispatchable power systems, with a focus on mission-critical installations. Its operations are supported by a manufacturing facility in Haydock, north-west England, and a workforce of nearly 400 across ten hubs in the UK and Europe.

New funding

Under AVK’s energy-as-a-service model, customers would buy electricity through power purchase agreements rather than take on the upfront cost and development risk of large on-site energy projects. That shifts financing and ownership of the assets to AVK and its backers.

For private equity and infrastructure investors, the appeal lies in rapidly rising demand from AI and data centre projects, which are putting greater strain on existing power networks. The sector has become a focal point for investors seeking exposure to both digital infrastructure and electricity supply.

“Speed-to-power is now a defining opportunity for European data centre operators. Our new partnership with Partners Group will allow us to meet our customers exactly where the market demands. From the moment we launched our first microgrid, we recognized the challenge and the opportunity facing developers and operators globally. By adding capital to our power solutions portfolio, we can turn speed-to-power from an ambition into action. I am excited to lead AVK into this new chapter alongside Partners Group, leveraging the firm’s deep operational expertise in the data centre sector and power markets,” Pritchard said.

Partners Group has previously invested in decentralised energy assets in Europe and in data centres, including the pan-Nordic platform atNorth. It has also invested in behind-the-meter data centre energy providers in the US, giving it experience in a market where operators increasingly seek localised sources of supply.

Market pressure

Demand for data centre capacity has risen sharply as cloud computing and AI workloads expand, but the pace of new construction has run into power shortages in several European markets. That has made access to electricity, and the speed at which it can be delivered, a more prominent factor in site selection and project design.

AVK recently energised what it described as Europe’s first large-scale data centre microgrid at a PureDC site in Dublin, where power constraints have become a major issue for new digital infrastructure. The company is using that track record to position itself as a provider of on-site alternatives for operators that cannot wait for conventional grid upgrades.

Nicholas Pepper, Managing Director, Infrastructure, Partners Group, said: “AI is driving one of the largest infrastructure buildouts in decades, and access to power is becoming a defining constraint. This constraint and lengthening connection queues are critical bottlenecks to growth in the European data centre market, which onsite generation can alleviate by accelerating speed-to-power. AVK, with its deep expertise, track record, and pan-European footprint, is well-positioned to address this issue as a one-stop shop for data centre power solutions. We see an exciting growth opportunity for AVK and we look forward to supporting the management team in its next chapter.”

The deal gives AVK fresh capital at a time when investors are looking for businesses positioned between electricity infrastructure and digital growth. For AVK, it also opens a new phase in which the company will move beyond supplying equipment and services to owning and operating assets tied directly to customer demand.

Pritchard and the leadership team will remain in place.



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