Tortilla to “accelerate growth” through franchising
Mexican restaurant chain Tortilla is set to “accelerate growth” through franchising in 2024, as it continues the roll out of its own managed locations.
The group said that at least five openings with franchise partners are planned for 2024. An additional three Tortilla-operated sites are also set to open including a restaurant at Manchester Arndale in May.
In December, Tortilla said it had secured an “exciting pipeline” of new sites in high-footfall city centre and shopping centre locations.
In 2023, Tortilla added six group-operated sites and one franchise site to its restaurant network, taking its total footprint to 87 locations in the UK.
This comes as the operator releases its annual results for 2023, a period during which its revenue increased by 14% year-on-year to £65.7m, driven in part by new openings. Like-for-like revenue growth was 3.6%, whilst the operator recorded a pre-tax loss of £1.1m.
Since the period end, the chain has also completed its CEO succession with Andy Naylor – formerly Tortilla’s chief financial officer and managing director – taking over from Richard Morris in February.
Andy Naylor said: “I am pleased to present my first set of results as chief executive officer. Recent years have seen Tortilla expand strategically through a multi-channel approach, strengthening our operational model as a springboard for sustained, profitable growth. Throughout 2023, we dedicated ourselves to building resilience, especially enhancing profitability, as we recovered from macro events in 2022. Our efforts included streamlining costs, bolstering franchise partnerships, augmenting efficiency via technology investments, and enriching our team with fresh talent, all while continuing site deployments. These initiatives have solidified the foundation for our continued success.”