Las Iguanas, the Bowmark Capital-backed group, saw profits for the year to 31 March 2014 climb 16% to £7m, driven by an 18% growth in sales to £48.4m and the opening of six new sites.

New managing director Mos Shamel told M&C Report that the company had continued to experience like-for-like growth over the last six months and that it had a pipeline in place to pass the 50-site mark over the next two years, with six sites already exchanged for its next financial year.

50% of the group’s profit gain came from its like for like estate where profit grew by 7% off the back of a 7% increase in sales and a marginal improvement in EBITDA conversion.

It said that the six new restaurants are expected to deliver an annualised EBITDA of £1.5m. Read more

Shamel said: “Last year was another strong performance for the team, with continued positive like for likes against a bumper Olympics for us in 2012 and further growth in 2013. The Latin American market in the UK doesn’t show any signs of slowing down, in fact quite the opposite with diners becoming increasingly more adventurous in their use of a wide repertoire of brands. We’re in a unique position to cater to their appetite for something more exciting.”

Las Iguanas currently have 37 sites across the UK and their next restaurant opens in Norwich in November.

The group plans to open a further four restaurants during 2014-15 taking its total for the current year to seven and keeping it on track to realise the potential for over 100 branches. It has already secured a further site for and opening early next year in Woking and also an opening in Chelmsford.