Leeds restaurant saved as other branches closepublished at 14:32 Greenwich Mean Time 26 October 2020
PA Media
Around 135 jobs are set to be saved after creditors approved a company voluntary arrangement (CVA) for tapas restaurant Iberica, which has a branch in Leeds.
The chain's four London sites, and the one on East Parade in Leeds, will stay open, but those in Glasgow and Manchester will close, the firm said.
The firm's chief executive, Marcos Fernandez Pardo, said: "We're pleased to have reached an agreement that's in the interest of all parties."
Gordon Thomson, of restructuring experts RSM, said: "It's hard to overstate the unpredictability and nature of the challenges that this sector faces, especially in central London, which continues to suffer from low footfall."