Turnover grew by more than £20m at Latin American-themed restaurant chain Las Iguanas in accounts covering the year of its takeover by The Casual Dining Group.
However, profitability was affected by exceptional costs relating to the deal and the opening of new sites. According to accounts filed at Companies House, turnover rose to £75,899,000 in the 61-week extended period ending 29 May 2016, compared with £53,421,000 for the 52 weeks ending 29 May 2015. Adjusted Ebitda was £9,585,000.
The company reported a pre-tax loss of £3.3m. However, before exceptional items a profit of £3m was achieved. In the company’s previous accounting period, it made a pre-tax profit of £3.6m.
In July 2015, Las Iguanas was acquired for £85m by The Casual Dining Group, which also owns the Bella Italia and Café Rouge chains, from private equity firm Bowmark Capital. Following the acquisition, a further six restaurants were opened with more planned for the future.
Exceptional costs of £3.3m were incurred during the year, including £2.2m that was “largely due to sites for which a provision for onerous leases has been recognised”. A further £707,000 was recorded in costs relating to the integration of Las Iguanas with the wider Casual Dining Group.
Las Iguanas was founded in Bristol in 1991 and currently operates 54 restaurants across the UK.