25th Jun 2024 11:21
(Alliance News) - Tortilla Mexican Grill PLC said it has purchased competitor Fresh Burritos for EUR4.0 million.
Tortilla, the UK's largest fast-casual Mexican restaurant group, said it has brought competitor Fresh Burritos.
It said Fresh Burritos is the second largest fast-casual Mexican restaurant group in Europe, and largest in France.
The acquisition includes 13 company-owned leasehold restaurants, as well as rights to the Fresh Burritos brand and its network of 19 franchised locations.
This acquisition is the latest step forward in Tortilla's 'Vital Five' growth strategy, it added, providing a "springboard" for franchise growth across Europe.
Chief Executive Andy Naylor said: "Tortilla's international ambitions are no secret, and acquiring Fresh Burritos is our gateway to mainland Europe. With Mexican cuisine surging in popularity, these prime French locations give us a solid launchpad.
"We're set to leverage this acquisition, just in time for the Paris Olympics!"
Shares in Tortilla Mexican Grill were up 1.9% to 53.00 pence each in London on Tuesday morning.
By Sophie Rose, Alliance News senior reporter
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