LAS IGUANAS APPOINT NEW CHAIRMAN

Las Iguanas, the Latin American restaurant and bar operator, has announced that Mark Jones will be its new non-executive Chairman. The appointment takes effect immediately.

Eren Ali, Managing Director, said: “We are delighted to welcome Mark to the team at a very exciting time for Las Iguanas. Following our recent MBO we have ambitious plans for the company and are planning to open more than 20 sites over the next three years. We feel that Mark’s expertise in the sector and his drive and energy will prove invaluable in helping us to achieve this next phase of growth.”

With over twenty five years’ experience in the retail leisure industry, Mark is also Executive Chairman of Premium Bars and Restaurants plc, formerly Ultimate Leisure Group. For three years prior to this he was Chief Executive Officer at Yates Group, where in 2004 he led a MBO with GI Partners and subsequent sale of the business in 2005 to The Laurel Pub Company.

Mark joined Yates from Pizza Hut UK Ltd, where he held the post of Chief Executive Officer for two and a half years, having previously been its Operations Director. Mark spent the two years between these positions as MD, Whitbread High Street Brands. He spent the early years of his career gaining experience in roles including area management and training with Allied Domecq Retail and Courage.

Mark said: “I am very excited about working with Eren, Ajith and the rest of the management team. With the support of Bowmark Capital, the vision of Las Iguanas is to more than double in size and I look forward to helping the company achieve this. What attracts me to Las Iguanas is the vibrancy of the brand and how different it is from its competitors. These are the key qualities that will give us the opportunity to rapidly expand over the coming years.”

Las Iguanas operates 15 Latin American restaurants across the UK, including sites at Royal Festival Hall and The O2 arena in London, Manchester’s Trafford Centre, Harbourside in Bristol. Lakeside, Thurrock opens February 2008. Las Iguanas specialises in Latino food, including traditional South American dishes and is the leading Latin American food and drink brand in the UK. The business is led by Eren Ali and Ajith Jaya-Wickrema, who founded the company in 1991.

In August 2007 Bowmark Capital provided £10.5 million of equity to finance the acquisition and fund the further roll-out of the business, with the balance provided by management and The Royal Bank of Scotland. The transaction provided an exit for Piper Private Equity, which invested in the business in July 2002.