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Ibérica on the cusp of administration
Ibérica, the London-based upmarket tapas chain, is reportedly on the brink of collapse, filing a notice to appoint administrators on Tuesday.
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The first Ibérica restaurant opened in Marylebone in 2008, and the chain now includes a number of London sites, as well as one in Leeds, which opened in 2016. In 2020, Ibérica sites in Manchester and Glasgow were closed.
The menu is steered by chef director Nacho Manzano, of the three Michelin-starred Casa Marcial in Arriondas, Spain.
“Our menu boasts flavours from across the Spanish peninsula, with a special nod to Manzano’s Asturian roots,” reads a description of the concept on the Ibérica website. “Featuring a selection of classic and contemporary tapas, artisan delicatessen and traditional Spanish rice dishes.”
On Tuesday of this week (3 December) the group behind the restaurants, Ibérica Ltd., has posted a notice of intention to appoint administrators, with RSM UK handling the insolvency.
The reasoning behind Ibérica’s situation has not been disclosed, though db has reached out to the restaurant for comment on the matter.
However, while Ibérica and RSM have remained quiet for now, hospitality news outlet MCA reported last month that the chain’s founder and managing director Marcos Fernández Pardo said that Ibérica would “greatly benefit from the economies of scale that integrating into a larger group would bring”. According to MCA, Ibérica also refinanced its bank borrowings in May of this year.
What is happening to Ibérica is also yet another indication of what is proving to be an incredibly challenging period for the UK’s hospitality industry, with restaurants across the company being forced to close. One recent loss was that of Claude Bosi’s Socca.
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