A group of Spanish restaurants headed by a Michelin-starred chef is on the brink of collapse after filing a notice of intention to appoint administrators.

Sky News understands that Iberica, which operates a handful of sites in London and Leeds, filed a notice of intention to appoint administrators on Tuesday.

RSM, the professional services firm, is understood to have been lined up to handle the insolvency.

Money latest: Drivers could save £50 on cover after compensation changes

Iberica, whose parent Iberica Food and Culture will now have up to 10 days’ breathing space from creditors, counts Nacho Manzano, a prominent chef from the region of Asturias in north-western Spain, as its head chef.

It opened its first restaurant in Marylebone, central London, in 2008 and has since expanded to other parts of the capital.

In 2016, it opened a site in Leeds.

If the company is unable to avoid administration proceedings, it will become the latest restaurant business to succumb to the growing financial pressures facing the industry.

Read more from Sky News:
Jaguar defends rebrands as new electric car revealed
Musk blocked again over ‘world’s largest pay rise’
Zilch in talks to raise £150m

TGI Fridays was sold during the autumn in a pre-pack insolvency deal, while the operator of Pizza Hut’s UK dine-in outlets is in the process of trying to seek a buyer.

Restaurant bosses were among hospitality executives who wrote to Rachel Reeves, the chancellor, last month, to warn that tax-raising measures in her Budget would trigger job losses and business closures.

A spokeswoman for RSM said the firm was unable to comment, while Iberica has been contacted by email for comment.

Jaguar wants “to be bold and disruptive” with its new electric car and redesign, the luxury vehicle maker’s managing director told Sky News.

The British car maker sparked widespread controversy last month when it unveiled its rebrand ahead of becoming a fully electric brand.

Speaking to Sky News business and economics correspondent Gurpreet Narwan, managing director Rawdon Glover said: “We’ve certainly gathered an awful lot of attention over the last few weeks, but now I think its really important to talk about the vehicle.”

The Type 00 has now been unveiled at an event in Miami, Florida, and was described as a “concept with bold forms and exuberant proportions to inspire future Jaguars”.

It has been revealed in two colours, Miami Pink and London Blue.

Jaguar said the new electric car uses a dedicated platform which should return up to 478 miles of range while rapid charging will add 200 miles of charge in 15 minutes.

The production-ready version of the Type 00, which will be made in the UK, is set to be revealed late in 2025, and although prices have not yet been confirmed, it is expected to cost more than £100,000.

Mr Glover added to Sky News: “We need to make sure that Jaguar is relevant, is desirable, is future proof for the next 90 years of its history.

“At the moment, the industry is going through huge disruption: technology changes, as we all figure out actually what an electrified world means for our brand.

“At Jaguar, we’ve looked at that and we think we have to make a really bold step forward. But actually, the step we’re going to take is completely in keeping in ethos with the brand.”

In November, Jaguar released an advert which featured a series of models, in brightly-coloured clothing, emerging from a lift into an austere landscape. It also featured none of Jaguar’s cars.

The carmaker described it as part of a “completely transformed Jaguar brand” and “a new era” which makes “it relevant for a contemporary audience”, however, the campaign sparked a backlash online, with Reform leader Nigel Farage saying “I predict Jaguar will now go bust. And you know what? They deserve to,” while Tesla boss Elon Musk asked “do you sell cars?”

When asked about the rebrand, Mr Glover told Sky News: “We want to be bold and disruptive… We’re clearly in the conversation.

“More people have been talking about Jaguar for the last two weeks than – goodness, for so much longer. Car companies unveil new cars all the time and go completely unnoticed.”

When asked if he anticipated the backlash to the advert, the Jaguar director said: “We absolutely don’t want to alienate any of our loyal fans.

“Quite the opposite – we want to take as many of our current fans with us on that journey… We need to also appeal to a new audience. That’s what we need to do.”

Read more from Sky News:
Billions wiped from share price as Vauxhall parent firm’s boss abruptly resigns
UK house prices grow at fastest rate in two years

However, while he accepted “people will have opinions about the vehicle” and the rebrand, Mr Glover added: “We absolutely value a reasoned debate – if it gets discriminatory, then I can’t condone that.”

“We really want the conversation now to move on to, ‘here is our design vision, this is actually what the future of Jaguar will look like,’ and actually that should be the conversation,” he added.

Lawyers acting for British motorists who were charged inflated prices to deliver vehicles to the UK have agreed settlements worth £38m after a years-long battle alleging that they were ripped off by a cartel of shipping firms.

Sky News understands that Mark McLaren, the class representative who brought the claim, and Scott+Scott, the US-based dispute resolution law firm, will announce on Tuesday that they have reached in-principle agreements with two shipping companies: WWL/EUKOR and K Line.

The companies are among a group of logistics giants which transport many of the world’s cars to business customers and consumers around the world.

Money latest: The one supplement every experts agrees is worth every penny

Motorists affected by the alleged cartel had bought vehicles from leading automotive manufacturers, including BMW, Ford, Nissan, Toyota, Vauxhall and Volkswagen, between October 2006 and September 2015.

Under the terms to be disclosed on Tuesday, Mr McLaren – a former executive at the consumer group Which? – has agreed a £24.5m settlement with WWL/EUKOR and a £13.25m deal with K Line, according to the claimant’s representatives.

The settlements are subject to approval by the Competition Appeal Tribunal later this week, and follow a £1.5m settlement with another shipping firm, CSAV, which was approved in December last year.

If approved, it will leave outstanding claims worth an estimated £100m against two other defendants, MOL and NYK, with a trial due to begin next month.

Belinda Hollway, partner and head of Scott+Scott’s London office, said: “These in-principle settlements are a very positive development for class members and demonstrate the claim’s momentum ahead of the trial against the remaining defendants in January.”

She added that the settlements were “an important achievement, not just for the claimants that Mark represents, but for the collective proceedings regime in the UK as a whole”.

The European Commission has already fined the companies more than £300m in 2019 after finding that they colluded to fix rates and reductions of capacity, as well as exchanging commercially sensitive information in order to maintain or force up the price of vehicle shipping.

Mr McLaren said: “These settlements are a major milestone in the claim and if approved, will secure significant compensation for the class.

“I am looking forward to the settlement hearing during which we will demonstrate to the Tribunal why these in principle settlements are in the best interest of class members.

Read more from Sky News:
Typhoo Tea bought out of administration
Reeves set for mid-January talks with Chinese counterpart
UK house prices ‘rise at fastest pace for two years’

“I have spent much of my career working in consumer protection and strongly believe in compensation for consumers and businesses harmed by unlawful conduct.”

The class action has been funded by Woodsford, a specialist litigation funder.

None of the shipping companies involved in the case could be reached for comment on Monday evening.