Las Iguanas restaurants across the UK could soon face closure as the business battles £37 million of debt. Iguanas Holdings Limited lawyers told the High Court on Wednesday that the business has fallen into financial difficulties, reports The Sun. They added it will have no funding to continue trading unless a restructuring plan is given the go-ahead.
If a restructuring plan is not agreed, it could collapse the company into administration, putting its 44 locations at risk. Las Iguanas is owned by The Big Table Group, which also oversees Frankie & Benny's, Bella Italia, and Banana Tree. It revealed the restaurant chain lost nearly £10 million in the 2025 financial year.
However, if the restructure goes ahead, its £37 million of debt would be wiped out. From there, £3 million would be pumped into the business to help it get back on its feet. This news comes after Beefeater and Brewers Fayre announced they will soon disappear from the high street, resulting in the loss of 3,800 jobs across the UK and Ireland. All 197 locations, including those in Birmingham, of its standalone restaurant sites and Bar + Block chain are planning to shut down.
Whitbread, which owns both brands along with Premier Inn, has confirmed the news. The chains are typically found nearby a Premier Inn hotel, but now the parent company is planning to overhaul its business due to rising costs. This is part of a five-year plan to slash costs and restructure the company. Whitbread reported a 19 per cent fall in profits to £298 million.
Around 110 sites will be sold, while other locations will be converted into hotel space, creating an estimated 600 additional rooms. However, Whitbread said it remains on track to expand its hotel capacity, aiming for 96,000 rooms by 2031, up from roughly 86,600.
