Formerly known as The Tragus Group, the company went into a CVA last year owing millions of pounds to creditors while running a loss-making restaurant chain, Strada. During the CVA, Strada restaurants were sold off, rent leases were negotiated and an overall £263 million of debt was cut.
After a difficult restructure, the company managed to exit the CVA and focus on rebuilding the business.
The auction process, handled by BDO, saw various private equity firms and restaurant groups put in bids for the Latin American restaurant, including the owner of ASK and Zizzi.
Las Iguanas will continue to be run by CEO, Mos Shamel.