Finance

Tortilla chain cooks up plan for listing on AIM


Tortilla chain cooks up plan for listing on AIM

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exican casual dining chain Tortilla, which has 62 sites worldwide, plans to float on London’s junior market next month.

The company, which has 26 of its branches in the capital, is expected to be valued in the region of £70 million.

Emma Woods, the former boss of Wagamama has been appointed non-executive chair, and Hollywood Bowl’s finance chief Laurence Keen will be non-executive director.

The group wants to expand with 45 new sites over the next five years.

Management are also targeting further franchising and licencing opportunities.

Tortilla, led by Richard Morris, said: “The directors believe that, due to the Covid-19 pandemic and the consequent negative impact on the wider hospitality industry and commercial property market, an exceptional opportunity exists for the group to secure favourable rental rates and incentive packages and that the group is now strategically well positioned to capitalise on this.”

Liberum is advising on the float.

Russ Mould, investment director at AJ Bell, said: “It might not seem like the most opportune moment to list a restaurant chain on the stock market given a mounting cost of living crisis, staffing shortages and as we head into an uncertain winter. So, it is a show of confidence from Mexican fast food concept Tortilla to press ahead with its IPO plans regardless.”

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