Tortilla posts strong first half growth
Tortilla saw its group revenue climb by 60% to £26.9 million in the six months to 3 July compared to the corresponding period in 2019.
On a like-for-like basis, revenue increased by 19% on pre-pandemic levels.
During the period, the group acquired Chilango for £2.75 million which added eight sites to its portfolio, as well as one delivery kitchen. It also opened six new sites of its own to take its total number of restaurant outlets to 84 at the end of the half year.
Richard Morris, chief executive of Tortilla, said: “We are pleased to report further strong growth and strategic progress during the first half supported by our strong reputation for great value and our growing UK presence. During the period we sold more than 3.2 million burritos and completed the exciting acquisition of Chilango to bolster our leadership position in the UK’s fast-casual Mexican market. Chilango hold leases in several strong London locations and provide a high-quality supplementary food offer.”
Tortilla said it recognised that macro-economic headwinds are expected to persist over the coming months, although it has already taken proactive steps to help mitigate against the pressures. This has included updating pricing, driving operational efficiencies, and adopting a multi-platform delivery proposition by partnering with Uber Eats and Just Eat, as well as Deliveroo, to access more customers choosing to stay at home.
Morris added: “Whilst the macroeconomic environment remains challenging, we are working hard to mitigate cost pressures as much as we can and are mindful of the impact on the consumer of the cost-of-living crisis. However, we remain very confident that supported by our strong reputation for outstanding value, excellent delivery proposition, and growing UK presence we are well positioned for long term growth.”
