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

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.

READ MORE: Music icon slams Glastonbury Festival as ‘gory drugs bender’

“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.”