Wed 29th Oct 2014 - Las Iguanas reports turnover and profit rise Las Iguanas reports turnover and profit rise: Latin American food brand Las Iguanas, led by Eren Ali and backed by private equity firm Bowmark Capital, has reported that turnover rose to £48,362,713 in the 52 weeks to 29 March 2014, up from £40,949,602 the year before. Pre-tax profit was £4,002,037 compared to £3,916,911 the year before. Underling pre-tax profit was up 13% to £4.9m, an increase of £600,000 over 2013 and a £900,000 increase pre-depreciation charge. The company stated: “The business continues to perform very well, delivering yet another year of positive like-for-like sales and profit growth despite being up against the successes of last year when it benefited from the 2012 Olympics. The business continued its expansion plans, opening six sites in the year with a further six planned for the 2014/15 financial year.” The company added that rollout program continues with “the opportunity to grow the business beyond 100 sites within the UK”. The year saw the arrival of former Wagamama chief executive Steve Hill as chief executive of 6 January this year but he stepped down on 1 May 2014 with founder Eren Ali resuming leadership of the business. Pre-opening and launch costs of £1,141,386 were incurred in the period (2013: £380,006). The company expects a refund of £289,547 from the overpayment of Employers National Insurance on staff tips from prior years. The company stated: “This has been agreed with HMRC and is stated net of costs associated with the appeal.” Staff numbers grew to 1,073 in the year from 948 the year before. Las Iguanas was founded in 1991 when Eren Ali bought a failed Italian restaurant from his landlady in Bristol. He and his business partner Aj Jaya-Wickrema turned it into a Latin concept and renamed it Las Iguanas. Piper Private Equity bought a minority stake in 2002 helping the business expand from four to 14 restaurants. Five years later, Piper exited the business with a six times multiple return on its investment – at the time of the acquisition led by Bowmark Capital the chain was valued at £27m. Aj Jaya-Wickrema has gone on to create Caribbean concept Turtle Bay Restaurants, which currently has investment from Piper.