London Stock Exchange welcomes Tortilla Mexican Grill plc to AIM

Tortilla Mexican Grill plc (MEX), the largest and most successful fast-casual Mexican restaurant group in the UK, began trading on Friday 8 October on London Stock Exchange’s AIM. The IPO raised £5.0m of gross proceeds, and upon Admission the Company’s market capitalisation was £70.0m.

Tortilla offers a high-quality, affordable and freshly prepared California-style Mexican menu comprising high quality, fresh and customisable products including burritos, tacos and salads. The Company operates through multichannel order strategy, offering customers dine in, self-serve, take away, click and collect and delivery options. Its leading customer proposition is accessible to customers through Tortilla’s 62-strong restaurant estate, comprising 50 owned and 12 franchised locations across the UK and Middle East, as well as through an exclusive nationwide partnership with Deliveroo and its growing estate of cloud kitchens.

The Company intends to use the net proceeds of the Placing receivable by it to accelerate its growth plans and execute on strategic opportunities in line with its long-term growth strategy. This includes accelerating the UK rollout, developing and executing on scalable franchise opportunities, expanding its cloud kitchen portfolio and other strategic initiatives. It will also provide access to capital should additional financing be required in the future to further expand the business

Following Admission, Emma Woods has joined the Tortilla Board of Directors as non-executive chairwoman and Laurence Keen as a non-executive director. Emma has extensive experience at Board level in multi-site leisure businesses. She is currently a non-executive director for The Gym Group plc and her hospitality experience includes being the CEO of Wagamama from December 2018 to June 2021. Laurence is currently CFO of Hollywood Bowl Group plc.

Quick facts

Market: AIM
Instrument market cap (£m)
Listing/Admission to trading
08 Oct 2021

Richard Morris, Chief Executive Officer at Tortilla Mexican Grill plc, said:

“We are delighted to join AIM and begin the next phase of our long-term growth journey. Underpinned by our reputation for high quality, fresh and great value food, we have delivered consistent, profitable growth since the business was founded in 2007 and we look forward to building on this further as a public company. We are very pleased to welcome our new shareholders to the business and look to the future with excitement.”.

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