Tortilla Mexican Grill says adios to long serving chief
One of London’s most popular Mexican chain restaurants, Tortilla Mexican Grill, has announced the departure of its long-serving boss and their successor.
Richard Morris, who served the business for 10 years will step down at the end of March and will be replaced by the firm’s current chief financial officer and commercial director Andy Naylor.
Incoming boss, Naylor, said: “The Tortilla brand has huge potential and I am excited to be taking on the role of CEO.
“Recent years have seen the group take significant strides to expand our presence through our multi-channel business strategy and strengthen our platform for further profitable growth and I am looking forward to working with the team to accelerate this journey.”
Tortilla, which has 62 sites across the UK, has, like many casual dining chains, has been bruised by consumers spending less amid an economic squeeze.
In December, the firm said it was trading behind its board expectations, blaming lower footfall in smaller UK cities and towns.
Its 26 London sites, however, performed better than other regions.
Tortilla, which serves lunchtime burritos and salads, floated in 2021 on London’s junior AIM market, as part of a five-year expansion plan to double its estate.
In an interview with Morning Wire last summer, Morris said that since the float it has been “quite challenging” in the public market to get people to invest in Britain’s fast-casual dining scene.
“The truth is that the restaurant sector has been hit quite badly from an investment perspective… which is understandable,” Morris said.
Shares in Tortilla were down over two per cent this morning.