REG - Tortilla Mexcn.Grill - New Tech investor backs Tortilla and joins Board

Tortilla Mexican GrillAnnouncement

31/01/2025 17:00

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RNS Number : 5304V  Tortilla Mexican Grill PLC  31 January 2025

 

31 January 2025

Tortilla Mexican Grill plc

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

 

Tortilla Strengthens Commitment to Technology for Growth and Efficiency with
Board Appointment, following Auctor Investment

 

Tortilla Mexican Grill plc (LSE: MEX), Europe's largest fast-casual Mexican
restaurant brand, today announces a significant Board change aligned with its
long-term technology-driven growth strategy. Quilvest Capital Partners
("Quilvest") a global private equity firm that first invested in Tortilla in
2011, has sold its 20% stake to Auctor Group ("Auctor"), a technology holding
company, as part of the winding down of its fund. Consequently, Loeiz
Lagadec, the Non-Executive Director who represented Quilvest's interest will
step down from the Tortilla Board.

As part of Auctor's new major shareholding, it has nominated Usman Ali,
Managing Partner of Auctor, to take the role of Non-Executive Director on the
Board of Directors at Tortilla. This appointment underscores Tortilla's
strategic emphasis on technology as one of its Vital 5 growth pillars, with
Auctor bringing key industry experience through its investment in Kaikaku, a
company reinventing the QSR industry with its proprietary hardware and
software stack to enable automation. Furthermore, Tortilla aims to enhance its
digital and operational capabilities, exploring innovations such as robotics,
advanced data analytics, and AI-powered customer engagement tools that can
further streamline restaurant efficiency and elevate its customer experience.

Andy Naylor, CEO, at Tortilla comments: "I am delighted to welcome Auctor as a
new major shareholder in the Company, and feel our strategies and experience
are aligned to further drive our tech-enabled growth. Technology remains one
of our 'Vital 5' strategic pillars. In 2024, we made good progress on this
strategy, introducing self-service kiosks and new food-prep equipment that
have driven a notable lift in operational efficiencies. With the backing and
expertise of Auctor, we plan to keep trialling cutting-edge tech solutions
that fuel both operational improvements and sustained customer growth."

Quote from Usman Ali, Managing Partner, Auctor: "We are excited to support
Tortilla's Vital 5 strategy, combining Tortilla's exceptional quality, beloved
Mexican recipes, and strong value proposition with cutting-edge technological
advancements designed to elevate operational efficiency and enhance the
customer experience. As the leading fast-casual Mexican restaurant brand in
Europe, these initiatives will play a pivotal role in driving shareholder
value."

Quote from Loeiz Lagadec, Partner, Quilvest: "We at Quilvest are extremely
proud of having partnered with Tortilla over the past 14 years. When we first
invested in the Company, it was operating just 7 sites in the UK. It now has
121 sites globally and has become, by far, the largest Mexican burrito
fast-casual concept in Europe. What a journey!"

Quote from Brandon Stephens, Founder, Tortilla: "As a Silicon Valley native,
I've always believed in the value technology can bring to hospitality.
Tortilla was one of the first UK hospitality businesses to leverage digital
tools to streamline operations-long before delivery became the industry
standard. As both a founder and a technology product enthusiast, I'm thrilled
to continue supporting our commitment to innovation, ensuring that technology
remains a key driver of Tortilla's growth and performance."

About Tortilla Mexican Grill plc

Founded in 2007 by a San Francisco duo, Tortilla is Europe's largest
fast-casual Mexican restaurant brand. With 81 UK locations (of which 13 are
franchise stores), 28 in France (of which 15 are franchise stores) and 12
franchise stores in the Middle East, Tortilla serves 7 million+ meals
annually, offering authentic California-style burritos, tacos and salads.

Through the acquisition of Chilango in the UK in 2022 and Fresh Burritos in
France in 2024, as well as franchise partnerships with SSP Group plc, Compass
UK & Ireland and Eathos, the brand continues to expand globally.

Tortilla breaks the mold of typical takeaways, combining quick service with
quality ingredients to serve affordable, made-to-order meals in under 90
seconds, in cosy environments fitting for lunch or dinner and a beer with
friends. The menu is fully customisable - there are thousands of flavour
combinations to try - with produce that's fresh, never frozen, 70% plant-based
and vegan-friendly, higher welfare meats and free from artificial flavours or
preservatives.

Emphasising sustainability, Tortilla only uses recycled and recyclable
packaging, 100% renewable electricity and sends zero waste to landfill.

Headquartered in London and listed on the London Stock Exchange (LSE: MEX),
Tortilla employs over 1,100 people.

More details at tortillagroup.co.uk

 

About Auctor Group

Auctor Group is an evergreen holding company that builds and supports
companies at the forefront of emerging technology. Auctor owns and operates
strategic assets where there are long-term opportunities to disrupt and
transform legacy industries by leveraging technologies such as robotics and
artificial intelligence.

Usman's appointment to the Board of Directors is subject to the completion of
due diligence required by the AIM Rules for Companies and AIM Rules for
Nominated Advisers (the "AIM Rules") to be undertaken by the Company's
Nominated Adviser. A further announcement, including the requisite Schedule
2(g) disclosures required under the AIM Rules for Companies, will be made in
due course.

 

About Quilvest

Quilvest is a leading global investment firm focused exclusively on the
midmarket. With a long track record of supporting successful consumer brands,
Quilvest partners with talented entrepreneurs and CEOs to accelerate the
growth of thriving companies. Quilvest first invested in Tortilla in 2011 and
played a pivotal role in expanding the brand's footprint, guiding it to become
Europe's leading fast-casual Mexican concept.

For more information, visit www.quilvestcapitalpartners.com
(http://www.quilvestcapitalpartners.com)

 

ENQUIRIES

 Tortilla Mexican Grill plc                                Via Houston
 Emma Woods, Non-Executive Chair

 Andy Naylor, CEO
 Maria Denny, CFO

 Panmure Liberum Limited (Nominated Adviser, Sole Broker)  Tel: 020 3100 2222
 Andrew Godber
 Edward Thomas
 Nikhil Varghese

 Houston (Public Relations)                                Tel: 0204 529 0549 Tortilla@houston.co.uk (mailto:Tortilla@houston.co.uk)
 Kate Hoare

 Kelsey Traynor

 Ben Robinson

 

 

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