Following reports earlier this month, Gordon Thomson and Stephanie Sutton of RSM UK Restructuring Advisory LLP were appointed joint administrators of Ibérica on 13 December.
The administrators subsequently sold the group’s restaurants in Farringdon and Victoria to Camino, preserving part of the business and approximately 40 jobs.
Ibérica’s remaining London restaurants in Canary Wharf and Marylebone, as well as its outpost in Leeds, have closed.
Thomson said: “Following a challenging trading environment post-pandemic, hospitality, particularly casual dining, has been hit with staff shortages, increased costs and lower spending per cover, which all contributed to Ibérica entering administration.
“We worked with the Ibérica management to find a solution for the Farringdon site and the associated staff; and we are working with the remaining staff to seek redundancy support.”
Ibérica’s Farringdon restaurant currently continues to trade, while the Victoria site has closed in the short term.
The latter is no longer listed on the Ibérica website and it is yet to be confirmed whether the restaurant will reopen as Ibérica or be relaunched under the Camino brand.
Camino was founded by Nigel Foster and Richard Bigg in 2007 and has restaurants in Shoreditch, Monument and King’s Cross.
It also operates offshoot brand Bar Rioja alongside its restaurant in King’s Cross.
Ibérica was founded by Marcos Fernández Pardo and chef Nacho Manzano in 2007.
