Mexican food brand Tortilla announces AIM float intention
Mexican fast food chain Tortilla has announced its intention to seek admission of its shares to trading on London’s AIM market.
The restaurant brand Tortilla boasts 62 sites across the country including 50 venues operated by the group and two franchise sites in the UK. The group also operates 10 franchised sites in the Middle East.
The group said it had established a track record of strong financial performance driven by like-for-like growth and adding to its property portfolio.
Growth plans include targeting around 45 new sites over the next five years, including building on the success of the existing portfolio of delivery-only ‘cloud-kitchens’.
Directors said the group was strongly positioned to capitalise on opportunities arising from the pandemic, such as an increased number of vacant units with more affordable rent.
On Friday, Tortilla also announced the appointment of former Wagamama CEO Emma Woods to the group’s board of directors as non-executive chairwoman.
Richard Morris, Tortilla’s chief executive officer, called the intention to float “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.
“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.”