Luke Johnson takes a stake in Tortilla

According to filings to the London Stock Exchange, Johnson acquired 1,400,000 shares in the nationwide chain, which is positioned as the UK’s largest fast-casual Mexican restaurant brand.

With a market cap of £18.95m, the shares give Johnson a stake worth around £682,200. The share price was up 16.67% yesterday (27 February) following the news.

Johnson’s Risk Capital Partners backs Brighton Pier Group, All Star Lanes, Lussmanns seafood restaurants, and Curious Brewery, which recently acquired Wild Beer Co.

His investment firm has previously backed Gail’s Bakery, Laine Pub Company and The Draft House.

In its most recent market update in December, Tortilla said it expected to increase revenue by 13.8% in FY23, against the comparable prior year period to £65.7m.

The group said like-for-like growth was +3.7% in 2023, which was slightly behind previous expectations due to 'subdued consumer confidence' impacting demand across the eating out market, in particular during Q4.

Last week it was announced that Tortilla CEO Richard Morris will step down from his role at the end of next month​​ after a decade with the company.

He will be replaced by Andy Naylor, who has worked alongside Morris for the past seven years, initially as chief financial officer, then with added business development leadership responsibilities and more recently as UK managing director.