The bankruptcy of Avanza Food (Tony Roman’s, Carl’s JR) forces it to reach an agreement with the bank or look for a new investor

The voluntary bankruptcy proceedings presented by Avanza Food, filed before the Commercial Court Number 5 of Madrid last week and that affects restaurant chains as well known in Spain as Tony Roma`s, Carl’s Jr, Official Irish Pub, Gambrinus and Cruz Blanca Breweryleads the company to explore a double solution: An agreement with the creditor bank to face the debt accumulated due to the consequences of Covid or look for a new investor to enter its share capital. Avanza Food sources assure that they are working on both possibilities. About the more than 400 restaurants in Spainwho may be affected by the contest, assure that “the process is being developed in a controlled and planned manner, without affecting the functioning of the group”. They even say that next week they will open a new Carl’s Jr establishment in the city of Barcelona. A franchised restaurant managed by the Mexican company Fudlicious, within a development agreement signed in April which foresees the development of 10 more restaurants of this brand in the Catalan capital in the next 10 years.

Agreement with the creditor bank or new shareholder?

All of the above occurs after on September 4 the same court rejected the restructuring plan presented by Avanza Food in Sentence 166/2025, after arguing that it did not prove viability, violated the rule of absolute priority and generated a sacrifice that he described as “disproportionate” for the creditor banks. It should be remembered that Avanza Food, which was previously called Beer & Food, is the former restaurant division of Heineken that continues as an associate providing certain restaurant services. Since 2018 it has been controlled by ABAC Capital. The company recognizes that conversations are being held with its main creditors to reach an understanding. “that allows you to restructure your debt in sustainable and balanced conditions in the long term”. In addition, they have started the process to search for a new investor to guarantee the continuity of their current network.

Avanza Food assures that there are already “shows of interest from several national and international investment funds” willing to enter the share capital of this operator.

They even claim that they have already had “shows of interest from several national and international investment funds” willing to enter the share structure of Avanza Food to support the restructuring process. In any case, they add, they assure that the entire previous process is proceeding normally. “without affecting the functioning of the group” and they ensure that all their brands, franchisees and suppliers maintain their operations as normal.

Nine openings planned for 2026

In this sense, Avanza Food defends that its restaurants are profitable and that, for next year, its objective is to opening of 9 new restaurants in the Spanish market. The company highlights that the operator closed last year with a net turnover of 31 million euros, 13% more than the previous year. To which were added 11 starts. Regarding the last year, they report that turnover reached 32.2 million euros. This is 11% more and it was closed with 10 new franchises.

With almost 400 restaurants throughout Spain, the company assures that next year they will open nine restaurants and that they will continue to grow during 2026

Almost 400 restaurants throughout Spain

Avanza Food currently has 38 restaurants Carl’`s Jr27 of them under the franchise format. To which are added Tony Roma’s with 25 establishments of which 14 are franchisees. To all of the above is added an establishment ofe Tommy Mel `s and another one of Chelinda. In addition to managing almost 300 restaurants associated with Heineken Spain such as Official Iris Pub, Gambrinus and Cruz Blanca.