The restructuring process, which was overseen by RSM and Shoosmiths, will leave the group with four sites in London and one in Leeds, preserving around 135 jobs.
Ibérica's restaurants in Glasgow and Manchester, however, will be shuttered permanently.
It is not known how many jobs will be lost as a result of the closures.
Over 99% of creditors, including the chain’s landlords, voted in favour of the plan, which was proposed in response to ongoing pressures caused by the Coronavirus crisis in late September.
“We’re pleased to have reached an agreement that’s in the interest of all parties,” says Ibérica CEO Marcos Fernandez Pardo.
“We’re thankful to all of our landlords, Santander and our creditors who entered this process with an open mind and in good faith.
“Our combined efforts to allow flexibility to sustain this period of uncertainty, protecting the interests of all stakeholders, have secured an arrangement that we believe secures the future of this organisation, and its continued success.”
As part of the CVA negotiations, a flexible rent period wherein landlords will offer a rental concession up until the end of July 2021 has been introduced, with sites conceding quarterly rent in arrears amounting to 10% of ongoing revenue for the period.
“Ibérica has a business model that is credible and sustainable in the longer term” adds RSM director Gordon Thomson.
“The approval of this CVA and the creativity and buy-in involved, with the overwhelming support of the landlords and wider creditors, is testament to that, and shows how stakeholders are prepared to support businesses with a compelling operating model until the trade returns.”
Ibérica was founded in London back in 2008 by Pardo and Nacho Manzano, the hugely talented Spanish chef behind the two Michelin-starred Casa Marcial in Asturias, north-west Spain.