Tortilla results show record rise in EBITDA

By James McAllister

- Last updated on GMT

Tortilla restaurant group results show record rise in EBITDA

Related tags: Tortilla, Restaurant

Fast-casual Mexican restaurant group Tortilla saw a record rise in EBITDA according to results released by the business for the year ending 30 December 2018.

Turnover rose to £33.6m, and pre-tax profits were up to £46,887k from a loss of £993,902k the previous year.

The group says the 30% increase in EBITDA from £2m to £2.6m was the largest year on year growth in the group’s history.

It also says the business had enjoyed a successful year thanks to the maturity of its existing estate and adding one new restaurant in Harrow.

Ongoing growth is predicted, with the group adding that it has a “strong pipeline of sites” in place for 2019.

Earlier this year, Tortilla announced that it was ramping up expansion plans​ after what its managing director Richard Morris described as a ‘cautious’ 18 months.

Following on from the launch of its Southwark restaurant in March, the group recently added sites in Soho and Bristol’s Cabot Circus shopping centre to its estate.

It’s also due to open sites at the Cornmarket in Oxford and in Cambridge’s Market Square in the coming months, as well as reopen its Westfield London location that is currently undergoing refurbishment.

Tortilla has also continued to expand globally in recent months, with sites in Dubai’s Mall of the Emirates and Marina Mall opening respectively in March and June.

The business, founded by American Brandon Stephens, opened its first site in Islington in 2007.

In 2011 the brand received funding from private equity firm Quilvest, enabling it to expand outside London.

Related topics: Business

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