Restaurants

Tortilla revenues rise 20% in FY22

UK like-for-like sales were up by 16.4% against FY19, as trading was boosted by a net increase of 18 sites in the period

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Tortilla has seen group revenue rocket 20% to £57.7m in FY22, up from £48.1m the prior year, as it welcomed a “highly resilient” performance despite macroeconomic challenges.

UK like-for-like sales were up by 16.4% against FY19, as trading was boosted by a net increase of 18 sites in the period, taking the total sites to 82. Over the full-year period, new sites opened across the UK at an “ambitious but disciplined” rate, with new openings performing strongly.

Meanwhile, Q4 UK LFL revenue growth was 16% against FY19 despite the challenging trading conditions seen in December following the impact of poor weather and multiple train strikes. 

Tortilla said that delivery demand remained stable as it expanded and diversified delivery partners to now include UberEats, Just Eat and Deliveroo. It also expanded with delivery kitchen partners Growth Kitchen and Karma Kitchen, with these sites said to be performing well.

The financial year also saw the strategic acquisition of Chilango in May, which helped strengthen the group’s market position in London. Eight stores were added to the portfolio; five of these sites were rebranded to Tortilla and three continue to trade under the Chilango brand.

Looking ahead, several new franchise sites are in the pipeline for 2023 in a move to diversify its locations, including the expansion of its existing partnership with Compass Group plc, with further planned openings at rail stations with SSP Group plc.

Richard Morris, CEO of Tortilla, said: “We have a proven and highly popular customer proposition. During difficult economic times, restaurants that offer great, consistent food at competitive price points will be the winners, and we sit comfortably in this space.

“We continued to achieve excellent strategic progress during 2022, in line with our long-term growth strategy. We have successfully opened a number of new sites across the UK – including Durham, Coventry, Canterbury and Leicester – showing the excellent demographic diversity in which the brand can operate.” 

He added: “This is further testament to the nationwide popularity and appeal of our brand. We have also strengthened our market position in London through our strategic acquisition of Chilango.

“Looking ahead, we remain as motivated and enthusiastic as ever about Tortilla’s significant organic growth opportunities in the UK, with the added excitement of growing our already successful franchise partnerships both in the UK and abroad.”

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