Skip to content
Tuesday 4 August 2026London --:--Frankfurt --:--Zurich --:--
NewslettersSearchEN · DE
City PM

European business, markets and politics

FTSE 100
10,879.38
+0.20%
DAX
26,202.35
+0.77%
CAC 40
8,666.63
+0.61%
STOXX 50
6,486.70
+0.94%
  • Europe
  • Markets
  • Business
  • Economy
  • Technology
  • Politics
  • Opinion
More
GermanyFranceBankingAIEnergyFintechPropertyCapital Markets
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Economy
  • Technology
  • Politics
  • Opinion
  • DE
Tuesday 19 August 2025 11:29 am  |  Updated:  Wednesday 20 August 2025 10:57 am

Toast the City: Could Ibai be the best Square Mile restaurant?

By: Steve Dinneen

Life&Style Editor

Add as a preferred source on Google
ibai

To get you in the mood for out Toast the City Awards celebrating everything that makes the Square Mile great, our Life&Style editor writes about one of his favourite City restaurants, Ibai

Creating a vibe is a tricky business. You can have the most beautiful dining room in the world and somehow end up with a tragic, inexplicable lack of vibes, even slipping into negative vibe territory, actively sucking the spirit out of your diners (see: Brasserie Zedel).

On the other hand, you can have a brutalist concrete space like Ibai, which looks a bit like an especially well-polished abattoir (and was indeed a factory in a previous life), that positively exudes vibes, putting you at ease from the moment you pass through its velvet curtain, conjuring the kind of mood that makes you want to drink altogether too many glasses of reassuringly expensive Spanish red on a school night  (which, of course, I did). 

Situated between St Paul’s and the Barbican, it joins the recently-opened Leydi at the Hyde Hotel as one of the few genuinely enticing restaurants in the area, which is remarkably sparse despite being one of the most historic parts of London. It’s the kind of place that clearly wants to attract a loyal, City-adjacent following, a point underscored by the fact it’s not even open at weekends. Day-trippers need not apply.

Who needs weekends when the place is this busy on a wet Wednesday evening, when each of the 80 seats were full, the open kitchen firing on all cylinders, the occasional flash of flame providing a dramatic backdrop for the food

Could Ibai win big at the Toast the City Awards?

If you have already heard about Ibai, I’ll wager it had something to do with the Galician Blond steak, cut from cattle reared for no less than 14 years by a bloke called Xose Portas (the Basque folk do love an ‘X’) on his farm in Pontevedra. These animals have been around long enough to develop a mature, quite chewy marbling and a thick wedge of fat. This isn’t melt-in-your-mouth wagyu, rather a deep, rich slab of meat that requires thoughtful – nay, mindful – chewing. 

I split a 1kg T-bone – which rings through at a bank balance-destroying £120 – and this alone would have been sufficient to see me roll merrily home.

But Ibai is no steakhouse. It has the kind of menu that fills you with FOMO, practically forces you to over-order and all but guarantees you will return. I piled up a frankly obscene number of dishes and there wasn’t a dud note among them.

Read more

Will Ibai take home a Toast the City Award?

CITY AM Toast the City Awards 2026 logo superimposed over an upscale bar and restaurant interior.

If I were forced to rank them, in reverse order, the list would go something like this (please imagine the daaah dah, da da da dah, da da daaaah jingle from Pick Of The Pops as you read this):

In at number six are the fries, which don’t aim to thrill but achieve that culinary golden ratio of crunch-to-fluffy potato, elevated further when paired with an ossau-iraty (Basque sheep’s cheese) and pepper dip. At five there’s the bread – often a bellwether for the overall quality of a restaurant – which is nigh-on essential for mopping up assorted oils and juices.

Next are the huge, meaty cep mushrooms, simply grilled and served with zero frills: make sure you order a plate to share. Coming in at number four are the anchovies, which are, again, happy to rely on the impeccable quality of ingredients, served on a glistening plate of top-notch olive oil.

T-bone at Ibai
T-bone at Ibai

The poussin narrowly misses out on the top three, a plate of impossibly tender chicken marinaded in espelette pepper, lemon and garlic. It’s relatively slight for a main and, in my humble opinion, is better utilised as a side to be shared.

The carabinero tartare with Oscietra caviar takes its place on the podium. Made from vivid-red deep-sea prawns, this is a condensed hit of the ocean injected directly into your taste buds: slick, rather slimy and utterly delicious.

Part of me can’t believe this dish didn’t take the top spot, given it’s among the most moreish things I’ve eaten all year but the carabinero and boudin noir (black pudding) croque comes runner-up:  an incredible creation, sweet and crisp and terribly, terribly rich. I will return for this alone. 

But that Galician Blond… just wonderful. This isn’t all that surprising given Ibai is the creation of Lurra founder Nemanja Borjanović, a man who knows his way around a cow. Coming in a relatively fallow time for new restaurants, this is an assured and decadent opening, one that’s in the running for the best of the year.

• To book go to the website here

Read more

Toast the City Awards 2026 finalists announced – vote now!

A cityscape with people raising glasses in celebration, capturing the spirit of urban festivity and community toast events.

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • News

Categories

  • Business

Trending Articles

  • Donald Trump is creeping towards a shrewd sanctions policy

  • Gino D’Acampo restaurants face HMRC winding-up order

  • Rupert Lowe axes pensions triple lock and pledges tax cuts in economic plan

  • West Ham: Staveley receives Sadiq Khan encouragement to buy London Stadium

  • Staveley planning ‘big property play’ as she closes in on West Ham stake

More from City PM

  • Will Ibai take home a Toast the City Award?

    Toast the City
    CITY AM Toast the City Awards 2026 logo superimposed over an upscale bar and restaurant interior.
  • Toast the City Awards 2026 finalists announced – vote now!

    Toast the City
    A cityscape with people raising glasses in celebration, capturing the spirit of urban festivity and community toast events.
  • The Square Mile art gallery with amazing free exhibitions

    Life&Style
    Art enthusiasts view colorful abstract paintings and a unique yellow light sculpture at a Square Mile art gallery.
  • Why Horizon 22 Events by Searcys is a City icon

    Toast the City
    Elegant dining setup at Searcys restaurant, highlighting luxurious tableware and ambient lighting for an upscale dining ex...
  • Martin Williams: My top picks for the Toast the City Awards 2026

    Life&Style
    Craig Johnston, Martin Williams, and Pierre Minotti, culinary and hospitality leaders.
  • It’s coming home… Where to watch the England World Cup Quarter Final

    Life&Style
    Breaking news conference with business leaders discussing economic strategies, panelists seated at table with microphones.
  • Humble Grape is up for two Toast the City Awards: Here’s why

    Toast the City
    Exterior view of Humble Grape Bow Lane showcasing its inviting entrance and rustic charm on a bustling London street.
  • Why Theatre Deli is a City charity unlike any other

    Toast the City
    Bethan Ellis at Theatre Deli, showcasing a theatrical performance scene with dynamic lighting and expressive stage presence
CityPM

Independent European business, markets and political news for decision-makers.

Morning Briefing

Europe

  • Germany
  • France
  • Europe
  • UK & Ireland

Business

  • Markets
  • Banking
  • Technology
  • Energy
  • Property
  • Fintech

Editorial

  • Opinion
  • Editorial Policy
  • Corrections
  • Contact

Company

  • About City PM
  • Privacy Policy
  • Terms of Use
  • Cookie Policy
© 2026 City PM Ltd · Published by CityPM Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
Privacy · Terms · Cookies · Facebook