Tortilla, the largest fast-casual Mexican restaurant group in the UK and Europe has secured £11.135m in bank financing from Santander Corporate Banking.
The debt facility, alongside Tortilla’s previous investment from Quilvest Private Equity provides the company with unparalleled financing amongst the UK’s expanding fast-casual Mexican operators.
Funding to around 45 sites
Richard Morris, Managing Director of Tortilla, said: “We are delighted to continue our relationship with Santander. This outstanding level of support will fund our business to around 45 sites within the next three years, during which time our plan is to bring our burritos and tacos to the whole of the UK. We’ve had an exceptional year at Tortilla with fantastic like for like sales and eight new store openings in prime locations such as Richmond, Camden, Westfield London and Liverpool, taking us to 21 restaurants.”
Long term partner
Andrew Tully, Head of Structured Finance at Santander, said: “We first met this young and exciting business two years ago when they had nine restaurants and ambitions for a national roll out. We are delighted to have helped them finance their expansion since then, and the latest financing follows our original commitment to be their long term partner. It is particularly pleasing that the new facilities we have provided will directly assist in the creation of jobs, through financing the opening of a further 25 restaurants.”
Tortilla serves up classic California-style Burritos and Tacos inspired by the taquerias in the Mission District of San Francisco‚ the self-proclaimed burrito capital of the world.
The menu offers a range of authentic fillings and toppings such as chargrilled chicken; carnitas – outdoor reared pork, slow cooked for hours until fall-apart tender; and barbacoa – Scottish farm-assured beef, seared and braised in mellow adobo then shredded. The focus is on fast, affordable, great quality food for eat in or take away.
About Tortilla
The first Tortilla restaurant opened in October 2007. Tortilla is now the UK and Europe’s largest fast-casual Mexican restaurant group, with twenty one locations launched or in development and a reputation as one of the UK’s most up and coming restaurant chains.
In the 2013 Zagat survey, Tortilla was named Top Mexican Restaurant and a Best Buy and with a Sustainable Restaurant Association (SRA) two star rating, Tortilla also focus on their sustainability and provenance.
Current and upcoming restaurant locations include Islington, Bankside, Oxford Circus, Canary Wharf, Leadenhall Market, Hammersmith, Westfield Stratford, Wimbledon, Strand, Bluewater, Southampton, Leeds, Brighton, Watford, Clapham Junction, Lakeside, Camden, Westfield London, London Victoria, Richmond and Liverpool.
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