Admission to AIM & First Day of Dealings

RNS Number : 4789O

Tortilla Mexican Grill PLC

08 October 2021

 

Tortilla Mexican Grill plc

(" Tortilla ", the "Company" or the "Group")

ADMISSION TO AIM AND FIRST DAY OF DEALINGS

Tortilla Mexican Grill plc (AIM: MEX), the largest and most successful fast-casual Mexican restaurant group in the UK, is pleased to announce that admission of its entire issued and to be issued share capital to trading on the AIM market of the London Stock Exchange will become effective and dealings will commence at 8.00 a.m. today under the ticker "MEX" and with the ISIN GB00BNYDGZ21.

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.

Tortilla is strongly positioned to capitalise on significant growth opportunities to accelerate its growth strategy through the roll-out of new sites, franchising opportunities, cloud kitchens, strategic partnerships, and carefully selected international opportunities.

On 30 September 2021, Tortilla announced a fundraising which has today completed. The fundraising, which was comfortably oversubscribed by high quality institutional investors, included the placing of 2,762,431 new ordinary shares of 1 pence each ("Ordinary Shares") and the placing of 12,715,902 existing Ordinary Shares, both at a price of 181 pence per share (the "Placing Price"), raising gross proceeds of £5.0 million for the Company and £23.0 million for selling shareholders. At the Placing Price, the Company's market capitalisation is approximately £70 million.

The Company's Admission Document is available to view on the Company's website at https://tortillagroup.co.uk .

Liberum Capital Limited is acting as Nominated Adviser and sole broker to the Company.

Investor Meet Company Presentation:

The Company's CEO and CFO will host a live introductory presentation via the Investor Meet Company platform at 10:00am BST on Monday 18^th October. To register to attend, please use this link:  https://www.investormeetcompany.com/tortilla-mexican-grill-plc/register-investor

Richard Morris, Chief Executive Officer of Tortilla, said:

"Joining AIM marks a very exciting milestone in Tortilla's growth journey and we're thrilled to be welcoming our new shareholders to the Tortilla family.

Underpinned by our fresh, high quality and great value food, as well as our multichannel order strategy, we are very excited to drive forward Tortilla's long-term growth strategy and achieve the Tortilla brand's significant potential across the UK and internationally."

ENQUIRIES

Tortilla Mexican Grill PLC	Via Hudson Sandler
Emma Woods, Non-Executive Chairwoman
Richard Morris, CEO
Andy Naylor, CFO
Liberum Capital Limited (Nominated Adviser, Sole Broker)	Tel: [phone]
Andrew Godber
Edward Thomas
Christopher Whitaker
Nikhil Varghese
Hudson Sandler (Public Relations)	Tel: [phone]
Alex Brennan	[e-mail]
Wendy Baker
Lucy Wollam
Andrew Richards

For further information , visit tortillagroup.co.uk

· Images are available to download here

· View the Tortilla corporate video here

NOTES TO EDITORS

Tortilla is the largest and most successful fast-casual Mexican restaurant group in the UK specialising in the sale of freshly made Californian-inspired Mexican cuisine. The Group has 62 sites worldwide, comprising 50 sites in the UK operated by the Group, two sites franchised to SSP Group in the UK, and 10 franchised sites in the Middle East.

The Group was founded in 2007 by Brandon Stephens, originally from California who, upon his arrival in London in 2003, found it difficult to satisfy his desire for quality burritos and tacos. As a result, Brandon established Tortilla with a mission of offering customers freshly prepared, customisable, and authentic Californian-inspired Mexican food.

The brand is synonymous with an energetic, vibrant culture, and with providing a great value-for-money proposition. It embraces fast-growing sector trends (including eating out, healthy eating, provenance, ethnic cuisine, delivery) across a variety of locations, through a differentiated product offering which is popular with a broad customer base, and a clearly defined multi-channel marketing strategy. It benefits from flexible site locations and formats, and a scalable central infrastructure.

 

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