Tortilla Mexican Grill operates and franchises fast-casual Mexican restaurants offering California-inspired food. The main customer base is aged between 16 and 34 years old.
Takeaway sales helped to offset the closure of sites during lockdown. Since reopening sales in restaurants have recovered.
The cash raised in the flotation, plus a new senior finance facility of up to £10m, will provide working capital and fund expansion and the UK roll out and development of franchise opportunities. No dividends are going to be paid in the short-term. Management believes that former high street retail outlets will become available.
The share price ended the first day of trading at 192.5p. Management has successfully rolled out the restaurant brand so far and there is potential to obtain new ...