Steve Hill has stepped down as CEO of Latin American restaurant group Las Iguanas with immediate effect. The company has begun the process of finding a successor and, during the intervening period, founder director Eren Ali will resume CEO responsibilities.
Las Iguanas is the leading UK restaurant chain specialising in traditional Latin American food and drink. It operates 34 units across the UK, including sites at the Royal Festival Hall, the Westfield centre in Stratford, and the Liverpool One development in Liverpool. Las Iguanas was backed by mid- market private equity firm Bowmark Capital in 2007.
Las Iguanas, which has achieved its target EBITDA in the year to March, plans to open eight further sites by March 2015. Research has shown that there is potential over the longer term to grow the brand to at least 120 sites from the current 34 in the UK, and that further significant opportunities exist internationally.
In order to maximise shareholder value and allow time to bed in the new restaurants, any change in the company’s ownership is now unlikely to take place until next year. As a consequence, Steve has decided to leave the business to develop a portfolio investment career.
Commenting, Eren Ali said: “Steve has done a great job and we wish him well with his future projects. Having delivered 7% like-for-like growth in the year to March, Las Iguanas is in the best shape it has ever been and I and the rest of the management team are excited by the opportunities that lie ahead for the brand.”