Ibérica looking to appoint administrators

Spanish restaurant group Ibérica has reportedly filed a notice of intention to appoint administrators.

The business is understood to be in talks with professional services firm RSM to handle the insolvency, according to Sky News.

Ibérica was founded in 2008 by Nacho Manzano, the chef behind Michelin-starred Spanish restaurants Casa Marcial and La Salgar, and Marcos Fernandez Pardo.

The restaurant group underwent a Company Voluntary Arrangement (CVA) in 2020, which led to the closure of two restaurants in Glasgow and Manchester.

Ibérica currently operates four restaurants across London and one in Leeds.

In its latest set of financial results for the year ended 31 March 2024, published last week, the director of the company chose not to include a copy of the profit and loss statement.

A spokesperson for RSM UK confirmed: "RSM UK Restructuring Advisory are working with Iberica management to understand the available options with a view to delivering a solution which permits the brand and underlying business to continue. We are confident that a positive resolution will be secured in the near future. We are not in a position to comment further at this time, but we will provide updates on progress when we can."