,UK

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.

Join QSRMedia UK community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The restaurant will have a floor dedicated to takeaway transactions.
It is seeking franchisees interested in single or multi-unit operations immediately.
The pizza franchise already has over 500 stores in the UK.
The pop-up arrives roughly five months after the chain tried one in Cologne, Germany.
The chain’s rollout of outlets will see them reach nearly 100 UK sites by the end of summer 2022.
The chain, whose city centre outlets were hit hard by COVID-19 restrictions, describes the move as the next step in its ‘transformation” strategy.
This will be the brand’s 74th UK restaurant opening.
Flipdish UK country manager Fionn Hart makes a case for digital interface solutions as an answer.
The CGA Prestige Foodservice Price Index predicts continued inflation over the remainder of 2021.
It is slated to have 100 restaurants over the next five years as part of a master franchise deal.
Its founder says the chain’s on the road to recovery.