High Court Approves Las Iguanas Restructuring Plan That Wipes Out £37m Debt and Cuts Landlord Rents

A High Court judge approved a restructuring plan for Iguanas Holdings Limited on Friday, clearing the way for the operator of 44 Las Iguanas restaurants across the UK to avoid administration. Mr Justice Meade sanctioned the scheme at the end of the hearing in London.

The plan wipes out around £37 million in debts owed to one creditor and includes reductions of some rents imposed on landlords along with compromises on other landlord debts.

Ryan Perkins, appearing for the company, told the court that Iguanas Holdings is heavily loss-making and would inevitably enter administration without the restructure. He said the firm has stayed afloat only through financial support from its parent, The Big Table Group, which also owns Frankie & Benny’s, Bella Italia and Banana Tree.

The Big Table Group will inject £3 million into Iguanas Holdings as part of a turnaround strategy.

The restructuring plan was approved by the majority of the company’s creditors. Perkins noted that some creditors voted against the plan, but none appeared in court to oppose sanctioning. He added that no creditor, including those who voted against, has suggested there is any alternative or better deal.

Perkins told an earlier hearing that the UK casual dining sector has faced substantial problems in recent years because of high inflation, reduced customer spending and increased taxes. He said that despite efforts to improve the Las Iguanas menu and customer experience, trading conditions remain very challenging. Iguanas Holdings lost nearly £10 million in the 2025 financial year.

Perkins said the company would simply run out of money if the plan was not approved. The barrister said the restructuring plan is similar to those seen with other high-street chains in recent years, including Poundland, River Island and Revolution Bars. A judge allowed the company to take the scheme to creditors for a vote last month.