Private equity investment firm Bowmark Capital has announced a £27m management buyout of Las Iguanas.

The nationwide chain of 14 Latin American restaurants specialising in Latino food has sites at the Royal Festival Hall and O2 arena in London, the Trafford Centre in Manchester and the Harbourside in Bristol.

Las Iguanas’ managing director Eren Ali said: “We’ve ambitious plans for the company, and aim to open a further 20 sites over the next three years.”

Ron Pearson, a director of Bowmark Capital, added: “We are delighted to be backing the management team of Las Iguanas in the acquisition and further development of the business. Las Iguanas has proven itself across the country, and has a strong appeal to both consumers and landlords.

“Based on our prior experience in the sector, such as backing the roll out of The Living Room chain, we believe the Las Iguanas brand has significant growth potential, and we look forward to working with the team to deliver the strategy.”