Tortilla announces IPO plans, eyes 45 new sites

The business has ‘shown itself to be extraordinarily well positioned’ throughout the pandemic, it said.

Mexican-inspired chain Tortilla has signaled its intention to float on AIM as it looks to open around 45 new sites in the next five years.

From FY2019 to the last twelve months ending June 2021, the company said it generated 250% EBITDA growth and opened eight stores. 

The group’s growth plans also include building on the success of the existing portfolio of delivery-only or cloud kitchens, along with further franchising and licensing opportunities.

“We are delighted to announce Tortilla’s Intention to Float on AIM, which marks an incredibly exciting milestone in our continued growth journey. Since its launch in 2007, Tortilla has established a long-term track record of strong financial performance driven by considered expansion of the property portfolio and like-for-like growth,” Tortilla chief executive Richard Morris said in a statement.

“The business has shown itself to be extraordinarily well positioned throughout the pandemic, as the Tortilla product proposition is well-suited to the growing delivery market and we have proved the brand’s flexibility to operate across a range of locations and formats, including smaller sites and cloud kitchens.”

“We believe that this IPO unlocks our ability to consolidate on this momentum and enables us capitalise on significant long-term growth opportunities in the post-Covid-19 pandemic landscape,” he added.

Tortilla has also announced that Emma Woods, former CEO of Wagamama, will join as non-executive chairwoman and Laurence Keen, CFO of Hollywood Bowl Group, will be a non-executive director.

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