Tortilla Mexican Grill plc agreed to acquire Fresh Burritos for ?3.95 million.
For the period ending December 31, 2023, Fresh Burritos reported total revenue of ?9 million and and a loss before tax of ?0.1 million. Fresh Burritos founder and CEO Timothée Tronet will be an advisor to the Tortilla France board, supporting on a smooth transiton, local market strategy and managing franchisee relationships.
The acquisition is conditional on certain procedural items. The expected completion of the transaction is July 1, 2024.
Andrew Godber, Edward Thomas from Liberum Capital Limited acted as financial advisor for Tortilla Mexican Grill plc.