Mexcian restaurant group Tortilla, which is backed by private equity firm Quilvest, has secured GBP2.25m in new bank financing from Santander Corporate Banking to fund expansion.
The new credit facilities will further enhance Quilvest’s original GBP3.5m investment in Tortilla in December 2011.
The financing comes as Tortilla secures three additional sites in London, Kent and Southampton and continues to pursue its expansion strategy. Including these three new openings, Tortilla will have 11 restaurants in the UK and is understood to be in discussions for several additional locations. The new London site at 460 Strand is adjacent to Trafalgar Square.
Quilvest has a track record in backing restaurant chains such as YO! Sushi. Robin Rowland, YO! Sushi’s chief executive, has been appointed as a non-executive director of Tortilla. Rob Lucy, formerly of the property investment first twentyretail, has been appointed as head of property acquisitions.
Axelle Strain, Quilvest’s managing partner for Europe, says: “We are delighted that Tortilla has secured new debt financing from Santander to continue its growth and expansion plans. Tortilla is an ambitious brand with a strong management team and we look forward to seeing it develop in the UK.”
Brandon Stephens, who founded Tortilla in 2007, says: “The financing from Santander and continued support from Quilvest, provides us with the capital necessary to execute our objectives for growth and will allow us to pursue a number of exciting expansion initiatives within the M25 as well as outside of London.”
