Tortilla valued at £70m ahead of stock market float

Mexican restaurant group Tortilla has been valued at £70m after pricing its shares ahead of its debut on AIM, part of the London Stock Exchange.

Tortilla has priced its shares at 181p each ahead of its admission to AIM on 8 October, when it will trade under the ticker MEX.

The restaurant group said it expects the listing to raise £23m for selling shareholders and £5m for the company.

Tortilla was founded in 2007 and has 50 company-owned restaurants in the UK, two in partnership with SSP Group and 10 sites franchised in the Middle East.

It plans to use proceeds from the listing to fund the opening of more than 45 restaurants over the next five years and build on the success of its delivery-only ‘dark kitchens'.

Richard Morris, chief executive of Tortilla, said: "We are thrilled to be announcing such a positive reception to our IPO, which reflects the strong Tortilla brand, great value-for-money proposition and the company's exciting prospects for long-term growth.

"I would like to take this opportunity to thank all our Tortilla colleagues for their hard work and commitment to the business, which has undoubtedly contributed to its success to date.

"We are delighted to welcome all new shareholders to the business, and we look ahead with excitement and confidence to this next exciting phase of Tortilla's journey as a public company."

Ahead of the listing former Wagamama chief executive Emma Woods has joined Tortilla's board of directors as non-executive chairman while Laurence Keen, currently chief financial officer of Hollywood Bowl Group, has joined as a non-executive director.

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