Las Iguanas Puts Itself On The Menu

In our January issue of Worldwide Report, we reported that Britain’s Las Iguanas planned to open 100 units across its home country. Now it appears that the Latin-themed chain, which has 39 restaurants across England, Scotland and Wales, is looking for new owners.

Las Iguanas’ private-equity owners at Bowmark Capital hired advisers last year to run a sale process, but then delayed auction plans to wait for a handful of new sites to open. A sale, which could value the company at up to UK£100 million, would be completed by the end of June. Bowmark paid around UK£30 million for the chain, about 14 times its earnings, at the peak of a debt-fueled buyout boom in 2007. Bowmark also owns Drake & Morgan, the London-based bar and restaurant chain with six individually branded sites across the capital.

A deal for Las Iguanas would follow the sale last year of Italian restaurant chains, including Strada, Pizza Express and Prezzo, while Japanese-food chain Yo!Sushi and burger concept Ed’s Diner also are expected to be put on the market this year.