A RESTAURANT chain owned by a Michelin-starred chef is on the brink of collapse 16 years after it first opened.
Tapas inspired Iberica, which operates a handful of sites in London and Leeds, filed a notice of intention to appoint administrators today.
RSM, the professional services firm, is understood to have been lined up to handle the insolvency, reports Sky News.
Michelin-starred Nacho Manzano, a prominent chef from the region of Asturias in north-western Spain, is its head chef.
He founded the restaurant chain back in 2008.
The chef is behind Michelin-starred Spanish restaurants Casa Marcial and La Salgar, and Marcos Fernandez Pardo.
Iberica’s parent Iberica Food and Culture will now have up to 10 days’ breathing space from creditors.
It opened its first restaurant in Marylebone, central London, in 2008 and has since expanded to other parts of the capital.
Iberica opened a site in Leeds in 2016.
It previously closed restaurants in Glasgow and Manchester.
The restaurant group underwent a Company Voluntary Arrangement (CVA) in 2020, which led to the closure of two restaurants in the respective cities.
Iberica 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.
But the director of the company chose not to include a copy of the profit and loss statement.
It’s not the only Michelin restaurant abruptly closing its doors.
A chef who worked at one of Jamie Oliver’s restaurants announced he will shutter his food spot, leaving diners devastated.
Meanwhile, former Masterchef finalist Tony Rodd was forced to close his restaurant in Blackheath whilst Michel Roux Jr closed the doors on his iconic restaurant Gavroche in January after 56 years in business.
Experts say the cost of living crisis has left customers favouring a cheap dinner over splashing out on fancy evenings out in expensive restaurants, and this has made celeb chefs think twice about whether it’s worth continuing to run their business.
Iberica have been contacted for comment.
