Restaurants

Tortilla Mexican Grill enters London Stock Exchange

The IPO which is expected to raise approximately £23m for selling shareholders, and £5m from the placing of new shares, giving Tortilla a market capitalisation of £70m on admission

Tortilla Mexican Grill has announced that it has successfully issued its entire share capital to on the AIM market of the London Stock Exchange.

The IPO which is expected to raise approximately £23m for selling shareholders, and £5m from the placing of new shares, giving Tortilla a market capitalisation of £70m on admission.

The proceeds from the listing will be used to accelerate its growth plans and execute on strategic opportunities in line with its long-term growth strategy.

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

It will also provide access to capital should additional financing be required in the future to further expand the business.

Richard Morris, CEO of Tortilla, said: “Joining AIM marks a very exciting milestone in Tortilla’s growth journey and we’re thrilled to be welcoming our new shareholders to the Tortilla family.

“Underpinned by our fresh, high quality and great value food, as well as our multichannel order strategy, we are very excited to drive forward Tortilla’s long-term growth strategy and achieve the Tortilla brand’s significant potential across the UK and internationally.”

The transaction was co-led by David Roberts, the head of leisure practice at law firm CMS, and Alasdair Steele, CMS’s head of equity capital markets.

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