,UK

Tortilla valued at £70m ahead of AIM float

The company is looking to open around 45 new sites over the next five years.

Ahead of its AIM listing, fast casual Mexican-inspired restaurant group Tortilla was given a value of £70 million after pricing its shares at 181p each.

The company said the new shares and sale shares represent 40% of the ordinary shares in issue on admission and that they are expected to raise £5 million for the company and £23 million for the selling shareholders.

“The Company intends to use the net proceeds of the Placing receivable by it to accelerate its growth plans and execute on strategic opportunities in line with its long-term growth strategy,” it said.

“This includes accelerating the UK rollout, developing and executing on scalable franchise opportunities, expanding its cloud kitchen portfolio and other strategic initiatives.”

Admission and the start of trading on AIM are expected to take place on October 8. On admission, Quilvest will own approximately 20.4% and Tortilla’s board will own approximately 12.3% of the issued ordinary shares.

In its earlier announcement about the float, Tortilla said it is looking to open around 45 new sites over the next five years including building on the success of the existing portfolio of delivery-only kitchens.

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