The fast casual Mexican restaurant group says the new shares and sale shares represent 40% of the ordinary shares in issue on admission and that they are expected to raise £5m for the company and £23m for the selling shareholders.
“The Company intends to use the net proceeds of the Placing receivable by it to accelerate its growth plans and execute on strategic opportunities in line with its long-term growth strategy,” says the company, which announced its intention to float earlier this month.
“This includes accelerating the UK rollout, developing and executing on scalable franchise opportunities, expanding its cloud kitchen portfolio and other strategic initiatives.
“It will also provide access to capital should additional financing be required in the future to further expand the business”
Admission and the start of trading on AIM are expected to take place on 8 October. On admission, Quilvest will own approximately 20.4% and Tortilla’s board will own approximately 12.3% of the issued ordinary shares.
Tortilla is looking to open around 45 new sites over the next five years including building on the success of the existing portfolio of delivery-only ‘cloud-kitchens’.