Iberica sold out of administration to Camino

Gordon Thomson and Stephanie Sutton of RSM UK Restructuring Advisory LLP were appointed Joint Administrators of Iberica Food & Culture Limited (‘the Company’) on 13 December 2024.

Founded in 2007, the contemporary tapas restaurant group operated from four sites in London – Victoria, Farringdon, Canary Wharf and Marylebone – and one site in Leeds.

On appointment, the Administrators sold the Farringdon operation to Spanish restaurant and bar group Camino, who have also taken an option on the Victoria site, which has closed in the short term. This has preserved the part of the business and saw approximately 40 staff members transfer to Camino. Unfortunately, the three remaining sites have been closed.

Gordon Thomson, RSM UK Restructuring Advisory Partner and Joint Administrator, 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 Iberica entering administration.

“We worked with the Iberica 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.”