Sky News reports that the group, which operates several restaurants in the UK, the bulk of them in the capital, filed the notice early today (3 December), with RSM understood to have been lined up to handle the insolvency.
Restaurant has contacted Ibérica for comment, while a spokeswoman for RSM told Sky News the firm was unable to comment.
It comes after Ibérica founder and MD Marcos Fernández Pardo told MCA, Restaurant’s sister site, last month that the group had engaged RSM to assist in seeking a sale of the business.
At the time Pardo, who returned to lead the business in 2019, said a succession of challenges had not provided an opportunity for the business to restructure.
“As many groups our size, Iberica would greatly benet from the economies of scale that integrating into a larger group would bring during these challenging times,” he said.
“This would allow the positive EBITDA of all our sites to be consolidated down the P&L.
“However, this was already an issue when I returned as MD of the group in 2019.
“The pandemic, post-pandemic, and labour shortages have not provided an opportunity to implement this necessary restructuring.”
In 2020, Ibérica entered into a company voluntary arrangement (CVA), leading to the closure of its restaurants in Glasgow and Manchester.
Pardo founded Ibérica with chef Nacho Manzano in 2007.