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Iguanas sale


Despite the recession hurting initial growth expectations, the private equity firm has more than doubled the size of the business since it took over.

It is now run by chief executive Mos Shamel, who took over from former Wagamama boss Steve Hill last year after he quit the business just three months in to the job. Eren Ali, who founded the chain in 1991 in Bristol, remains chairman of the business.

Las Iguanas reported £4.9m of pre-tax profits for the year to the end of March 2014, a 13pc rise on the year before. However, despite a 19pc rise in sales to £48.4m, the group’s operating profts remained flat at £3.9m.

A deal for Las Iguanas would follow the sale last year of Italian restaurant chains, including Strada, and while and burger group Ed’s Diner are also expected to be put on the market this year.

Yo!Sushi is being prepared for a sale this year

Bowmark also owns Drake & Morgan, the London-based bar and restaurant chain with six individually branded sites across the capital, such as The Folly in the City and The Parlour in Canary Wharf. The company has plans to open its next restaurant near Euston this month. Bowmark Capital declined to comment.

Source: www.telegraph.co.uk

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