Restaurants

Tortilla confirms plans to float on AIM and open 45 new sites

The group said that admission is expected to take place on or around 8 October 2021

Mexican restaurant group, Tortilla, has announced its intention to float on the London Stock Exchange and open 45 new sites.

The group said that admission is expected to take place on or around 8 October 2021.

The group has 62 sites worldwide, comprising 50 sites in the UK operated by the group, with two sites franchised to Select Service Partners UK Limited in the UK, and 10 franchised sites in the Middle East.

Meanwhile, the targeted 45 new sites are expected to open over the next five years including building on the success of the existing portfolio of delivery-only “cloud-kitchens”.

Richard Morris, CEO of Tortilla, said: “We are delighted to announce Tortilla’s Intention to Float on AIM, which marks an incredibly exciting milestone in our continued growth journey.

“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.”

He added: “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.”

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