Lawyers at the Bristol office of legal firm Bond Dickinson have advised long-standing client Piper Private Equity on its £5.75m investment in fast-growing Caribbean restaurant chain Turtle Bay Restaurants.
The group, launched by Ajith Jajawickrema – the Bristol-based co-founder of the Las Iguanas Latin American eaterie business – already has four UK locations and is planning further expansion.
The first Turtle Bay restaurant opened in Milton Keynes in 2011. It has since launched outlets in Nottingham, Southampton and in Bristol city centre, has built up sales of more than £8m and employs 160 staff. It sees scope to add another 20 outlets over the next few years.
Bond Dickinson corporate finance partner Simon Hewes said: “It’s fantastic that Piper is investing in Turtle Bay, supporting an ambitious company with strong plans for growth.
“We're delighted to have advised Piper again, having previously acted for them on investments in Bottlegreen, Weird Fish, Loungers and Celtic Sheepskin, among others.
“Our sector specialisms in retail and leisure fit well with Piper’s sector focus. Piper has a proven track record of adding value to businesses in which it invests, which we have witnessed first-hand.”
Piper also backed Las Iguanas, which now has 29 outlets across the UK, as well as upmarket clothing range Boden.
Mark Mason of innovative Bristol mobile apps developer Mubaloo, an early backer of Turtle Bay, has sold his investment in the business as part of the Piper deal, which has given the private equity firm a substantial monitor holding. Mr Jayawickrema’s stake remains the same.
Mr Jayawickrema said: “Piper’s deep-rooted experience and understanding of the sector has meant we have been able to complete this deal in a very tight time frame. For me, this was hugely important in ensuring the deal didn’t distract management from our focus on building Turtle Bay into a successful national brand. With Piper’s ongoing support I am confident that we will create a uniquely valuable business.”
Peter Kemp-Welch of Piper added: “We have been tracking consumers’ interests in different ethnic food tastes, particularly those with more spice, and so have watched Turtle progress from the first opening.
“Aj has once again created a unique and dynamic offering with huge growth potential in a sector that continues to thrive and innovate. This is the first time Piper has had an opportunity to back a founder for a second time, and we take it as a great compliment that Aj has chosen to work with us again. We look forward to helping Turtle Bay spread the Caribbean vibe across the country.”
