Las Iguanas, the 44-site Latin American restaurant chain, found itself at the center of a very British kind of drama this week: a High Court hearing, competing media narratives, and a company fighting to control its own story. On May 7, 2026, Big Table Group received court approval to proceed with a formal restructuring plan for the Las Iguanas brand. Within hours, the company was simultaneously reassuring diners, rebuking tabloid coverage, and managing what it called a "sensationalist" narrative about the chain's future. What's actually happening with Las Iguanas — and should regular customers be worried?
What the High Court Actually Approved
Let's be precise about what happened on May 6-7, 2026, because precision matters here. The High Court did not rule that Las Iguanas is closing. It approved Big Table Group's application to proceed with a restructuring plan — which means the company can now put that plan to a formal creditor vote. That's a significant procedural step, but it's not a death knell.
The restructuring plan itself has several components. First, Big Table Group intends to inject £3 million of new capital into the Las Iguanas brand. Second, the plan involves renegotiating leases with landlords — potentially resulting in a reduction or outright write-off of debts owed to them. Third, and most visibly, some restaurant sites are expected to close, though Big Table CEO Alan Morgan said closures would "not likely be many."
The legal structure behind this is worth understanding. The restructuring plan concerns Las Iguanas Holdings, which is the entity that holds the property leases. Crucially, restaurant teams and suppliers operate under the parent company Big Table Group, not under Las Iguanas Holdings. That distinction explains why the company could say, with a straight face, that staff and suppliers are protected even as the lease-holding entity undergoes restructuring.
Understanding the Restructuring Mechanism
A creditor restructuring plan of this kind is a relatively modern legal tool in UK insolvency law, formalized under the Corporate Insolvency and Governance Act 2020. It allows companies to propose binding arrangements with creditors — including landlords — even if not every creditor class agrees, provided the court is satisfied the plan is fair and that dissenting creditors would be no worse off than in an alternative scenario (typically administration or liquidation).
For Las Iguanas Holdings, the practical application is this: the company has significant rent obligations across its estate of 44 restaurants. Some of those leases may be on terms that are no longer commercially viable, particularly given post-pandemic shifts in footfall, energy costs, and consumer spending patterns. The restructuring plan would give Big Table legal cover to exit the worst leases and renegotiate others, while landlords would need to decide whether to accept reduced terms or risk a full insolvency where they might recover even less.
The £3 million capital injection signals that Big Table is genuinely committed to the brand's future — this isn't a slow-motion wind-down. Companies don't inject fresh capital into operations they're planning to close quietly.
Big Table Pushes Back Hard on 'Sensationalist' Coverage
The public relations dimension of this story is as interesting as the legal one. When The Sun reported that all Las Iguanas restaurants were "at risk of closure" with the chain "drowning in £37 million of debt," Big Table Group moved quickly to push back — and they were unusually blunt about it.
Big Table called The Sun's coverage "sensationalist," insisting that sites will continue to trade and that the restructuring plan is a proactive measure to protect the brand's long-term future, not evidence of imminent collapse.
The company has a point about framing. "At risk of closure" is technically defensible — any business undergoing restructuring faces some closure risk — but it implies an immediacy that doesn't match the situation. "44 sites continue to trade, management seeking court-supervised lease renegotiation" is accurate but admittedly less clickable.
At the same time, Big Table's frustration is understandable. Restaurant businesses depend enormously on consumer confidence. A story suggesting an entire chain is about to collapse can become self-fulfilling: customers avoid booking, suppliers get nervous, and staff start job-hunting. The company's forceful response was as much damage control as it was factual correction.
Las Iguanas: A Brief History of the Brand
Las Iguanas was founded in Bristol in 1991 and built its reputation on Latin American flavors — think Brazilian churrasco, Mexican-inspired dishes, and cocktail lists heavy with caipirinhas and margaritas. For much of the 2000s and 2010s, it was a reliable fixture in UK casual dining, the kind of restaurant that reliably filled on Friday evenings and served a demographic that wanted something more interesting than a chain pizza but less formal than a proper restaurant.
Big Table Group, which also operates the Bella Italia and Café Rouge chains, acquired Las Iguanas as part of its portfolio strategy. The group has positioned itself as a multi-brand casual dining operator, and Las Iguanas represents its highest-energy, most experiential offering — a different audience from the more traditional Italian and French positioning of its sister brands.
The UK casual dining sector has had a brutal few years. The "Casual Dining Crunch" of the late 2010s saw high-profile collapses at Jamie's Italian, Byron Burgers, and Carluccio's — chains that had over-expanded during the boom years and couldn't sustain high fixed costs as consumer habits shifted. The pandemic then compressed years of structural change into months. Las Iguanas itself went through a Company Voluntary Arrangement (CVA) in 2020, closing sites and restructuring its lease obligations. The current restructuring is, in some ways, a continuation of work begun in 2020 — an acknowledgment that the estate still has some sites that don't work economically.
What the Creditor Vote Means — and What Comes Next
With High Court approval secured, the restructuring plan now goes to a creditor vote. This is where landlords will have their say. The dynamics here are genuinely interesting. A landlord facing a vacant unit in a struggling high street has limited options: find a new tenant (potentially at a lower rent, after a void period), or accept reduced terms from an existing tenant who is at least paying something.
For Las Iguanas sites in strong locations — city centers, popular leisure destinations — landlords may push back harder, knowing the space is lettable. For sites in weaker retail pitches, acceptance of a write-down is the rational call. This negotiating dynamic is exactly what the restructuring process is designed to facilitate.
CEO Alan Morgan's comment that "not many" sites will close suggests Big Table has already done the analysis and identified a small number of genuinely unviable locations. The company almost certainly knows which sites those are. The creditor vote process will largely determine the final number, but the direction of travel seems clear: Las Iguanas emerges smaller, with a leaner lease portfolio, fresh capital, and a more sustainable cost base.
What This Means for Las Iguanas Diners Right Now
If you're a regular Las Iguanas customer, the practical answer is: book normally. All 44 sites are trading, and the restructuring process is designed specifically to allow the business to continue operating through the creditor vote. Your booking is not at risk because of this court process.
That said, some sites will eventually close — Morgan's "not likely many" is a qualified reassurance, not a guarantee that your local restaurant is safe. If your nearest Las Iguanas is in a weaker retail location or has historically been quieter, it's a site that could be on the closure list. The company won't publish that list in advance, for obvious reasons.
Gift cards and loyalty credits are worth monitoring. In past UK restaurant restructurings, gift card liability has sometimes been affected by insolvency processes. At this stage there's no indication that's a risk here, but it's worth using gift cards sooner rather than later if you have concerns.
For fans of Latin American cooking who want to explore the cuisine at home, a good Latin American cookbook can bring the flavors of dishes like moqueca and ceviche into your own kitchen — restaurants like Las Iguanas have done more than most UK chains to introduce British diners to the breadth of the continent's food traditions.
The Bigger Picture: UK Casual Dining's Ongoing Reckoning
Las Iguanas isn't an outlier. The casual dining sector across the UK continues to work through a painful structural adjustment that was underway before COVID and accelerated by it. The combination of elevated food costs, energy bills that remain above pre-2022 levels, and a consumer who has demonstrably become more selective about discretionary spending has created an environment where only the best-run, best-located casual dining sites are reliably profitable.
The court-supervised restructuring route that Big Table is using is increasingly common and arguably healthier than the alternatives. It's more transparent than a quiet lease surrender, more controlled than administration, and more likely to preserve jobs than a fire sale. The legal framework that makes this possible has become a genuine tool for retail and hospitality businesses navigating the post-pandemic landscape.
What's notable about Big Table's approach is the combination of fresh capital with structural reform. The £3 million injection isn't enormous relative to a 44-site estate, but it signals intent. The company is betting that a right-sized Las Iguanas, with viable leases and renewed investment, has a genuine future in UK casual dining. Given the brand's longevity and distinct positioning, that's not an unreasonable bet.
Frequently Asked Questions
Is Las Iguanas closing down?
No, Las Iguanas is not closing down. All 44 sites are currently trading. Big Table Group has received court approval to proceed with a restructuring plan that involves renegotiating leases with landlords and injecting £3 million of new capital into the brand. Some individual sites may close as part of the process, but the chain will continue operating. Big Table CEO Alan Morgan said closures would "not likely be many."
Why is Las Iguanas restructuring?
Like much of the UK casual dining sector, Las Iguanas faces a lease portfolio with some sites that are no longer commercially viable given current trading conditions — higher operating costs, changes in consumer footfall patterns, and the lasting impact of the pandemic on city centers. The restructuring plan is designed to exit or renegotiate those problematic leases while preserving the viable parts of the estate.
What is Las Iguanas Holdings, and why does it matter?
Las Iguanas Holdings is the legal entity within the Big Table Group structure that holds the property leases. The restructuring plan targets this entity specifically. Importantly, restaurant staff and suppliers are employed and contracted through the parent company Big Table Group, which means they are not directly affected by the restructuring of the lease-holding company. This structural separation is what allows Big Table to say the restructuring doesn't put staff at risk.
Should I worry about my Las Iguanas gift card?
At this stage, there's no indication that gift cards will be affected. The business is continuing to trade, and the restructuring is a proactive measure rather than an emergency insolvency. However, if you have Las Iguanas gift cards and want to be cautious, using them in the near term is sensible. Monitor any communications from Las Iguanas directly for updates.
Who owns Las Iguanas?
Las Iguanas is owned by Big Table Group, a UK multi-brand casual dining operator that also owns Bella Italia and Café Rouge. Big Table Group itself has private equity backing. Alan Morgan serves as CEO and has been the public face of the company's response to the restructuring coverage.
Conclusion: A Restructuring, Not a Closure
The Las Iguanas story of May 2026 is ultimately about the mechanics of a business doing what it needs to do to survive — not a collapse, but a controlled adjustment. The High Court approval is a legal formality that enables a creditor vote; the creditor vote will determine which sites close and on what terms; and the £3 million capital injection signals that Big Table sees a real future for the brand.
The tabloid framing of "all restaurants at risk of closure" captured a technically defensible reading of the situation while missing its practical reality. Restaurants restructure. Lease estates get rationalized. That's especially true in an era when commercial property economics have shifted fundamentally and operators are still calibrating to a post-pandemic normal.
Las Iguanas has been feeding British diners Brazilian cocktails and Latin American street food since 1991. It has survived the casual dining crunch, a pandemic CVA, and now faces this restructuring. The brand has a track record of adaptation. Whether it emerges from this process with 40 sites or 35, it appears far more likely to emerge than to disappear — which is rather different from what the headlines suggested.
