Tortilla 'enthusiastic' about year ahead following rise in revenue
Fast-casual Mexican restaurant group Tortilla has announced that 2022 was a year of "significant growth", with the chain reporting a 20% boost to group revenue.
Its Q4 trading update revealed that group revenue jumped from £48.1m in 2021 to £57.7m in 2022, while like for like revenue increased by 16% compared to 2019 following the opening of 18 new restaurants.
Tortilla bolstered its position in the London market through its £2.75m acquisition of Chilango in May 2022, which saw the addition of eight stores.
The burrito brand has also embarked on a franchise relationship with Compass Group within the Higher Education sector, which led to the opening of five sites. There are plans for further expansion in 2023.
The group, which now has 82 stores across its portfolio, reported that its "strong cash position" will enable it to self-fund its site rollout strategy.
Richard Morris, chief executive officer of Tortilla, said: "We continued to achieve excellent strategic progress during 2022, in line with our long-term growth strategy. We have successfully opened a number of new sites across the UK – including Durham, Coventry, Canterbury and Leicester – showing the excellent demographic diversity in which the brand can operate.
"Looking ahead, we remain as motivated and enthusiastic as ever about Tortilla's significant organic growth opportunities in the UK, with the added excitement of growing our already successful franchise partnerships both in the UK and abroad."
