Tortilla Mexican Grill plc (AIM:MEX) agreed to acquire Fresh Burritos for ?3.95 million on June 25, 2024. A total consideration of ?3.95 million, consisting of a cash payment of ?2.71 million and a bank debt roll over of ?1.24 million. The cash payment has been funded from Tortilla's existing committed financial facilities with net debt remaining well within the Group's covenant headroom ensuring flexibility to continue to fund its plans.

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.