Board Change • May 20
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. No independent directors (6 non-independent directors). Founder, CEO & Director Brandon Stephens is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Mar 11
Tortilla Mexican Grill plc Announces Appointment of Gregor Grant as Non-Executive Director and Chair of the Audit Committee, Effective March 9, 2026 Tortilla Mexican Grill PLC announced the appointment of Gregor Grant as a Non-Executive Director and Chair of the Audit Committee, effective March 9, 2026. Gregor Grant brings significant experience to Tortilla's Board, having spent the majority of the past 28 years in CFO roles within the hospitality sector. These roles have covered the pub sector, fast-casual restaurants, international operations, franchising, and latterly, with Loungers plc, café/bars. During his six years as CFO of Loungers the business grew from 131 to 258 sites and he played a key role in its IPO in April 2019. Gregor qualified as a chartered accountant with Deloitte. In accordance with Rule 17 and Schedule 2 paragraph (g) of the AIM Rules for Companies, Gregor Grant (aged 59 years) holds or has held the following directorships or partnerships in the last 5 years: Current: Golden Cap Limited, Block Group Limited. Past 5 years: Loungers Limited (formerly Loungers plc), Lion/Jenga Topco Limited, Lion/Jenga Midco Limited, Lion/Jenga Bidco Limited, Loungers Holdings Limited, Loungers (UK) Limited, Nightlife Leisure (SW) Limited, Route Restaurants Limited. Announcement • Dec 01
Tortilla Mexican Grill plc Appoints Duncan Garrood as Non-Executive Chairman, Effective December 5, 2025 Empiric Student Property PLC announced that Duncan Garrood, CEO of the Company, has been appointed as the Non-Executive Chairman of Tortilla Mexican Grill PLC with effect from December 5, 2025. Duncan currently serves as Chief Executive Officer of Empiric Student Properties PLC. He brings significant leadership experience, having previously served as CEO of Punch Taverns, Bill's Restaurants and Ten Entertainment Group, and has held board roles as Chair of Small Beer Brewco and is currently Senior Independent Director with the Brighton Pier Group. He also adds substantial international franchising expertise from his time with Alshaya, BAA and with Eathos (Tortilla's Franchisee) in the Middle East. This combination of operational, board and global franchising experience will be invaluable as Tortilla enters its next phase of growth in the UK and internationally. Announcement • Oct 25
Tortilla Mexican Grill plc Announces Stepping Down of Emma Woods as Non-Executive Chair Tortilla Mexican Grill plc announced that Emma Woods, the Group's Non-Executive Chair, has informed the Board of her decision to step down from the role at the end of 2025. The Board has already initiated a search for an experienced Independent Chair to support the Group's next phase of growth, including its international expansion plans. Emma has agreed to remain with the Group for the remainder of this year to ensure an orderly transition. Announcement • May 21
Tortilla Mexican Grill plc, Annual General Meeting, Jun 19, 2025 Tortilla Mexican Grill plc, Annual General Meeting, Jun 19, 2025. Location: the offices of panmure liberum limited, 25 ropemaker street, ec2y 9ly, london United Kingdom Announcement • May 12
Tortilla Mexican Grill plc to Report Fiscal Year 2024 Results on May 21, 2025 Tortilla Mexican Grill plc announced that they will report fiscal year 2024 results on May 21, 2025 Announcement • Feb 01
Tortilla Mexican Grill plc Announces Board Changes Tortilla Mexican Grill plc announced that a significant Board change aligned with its long-term technology-driven growth strategy. Quilvest Capital Partners a global private equity firm that first invested in Tortilla in 2011, has sold its 20% stake to Auctor Group ("Auctor"), a technology holding company, as part of the winding down of its fund. Consequently, Loeiz Lagadec, the Non-Executive Director who represented Quilvest's interest will step down from the Tortilla Board. As part of Auctor's new major shareholding, it has nominated Usman Ali, Managing Partner of Auctor, to take the role of Non-Executive Director on the Board of Directors at Tortilla. This appointment underscores Tortilla's strategic emphasis on technology as one of its Vital 5 growth pillars, with Auctor bringing key industry experience through its investment in Kaikaku, a company reinventing the QSR industry with its proprietary hardware and software stack to enable automation. Furthermore, Tortilla aims to enhance its digital and operational capabilities, exploring innovations such as robotics, advanced data analytics, and AI-powered customer engagement tools that can further streamline restaurant efficiency and elevate its customer experience. Reported Earnings • Sep 26
First half 2024 earnings released: UK£0.006 loss per share (vs UK£0.016 loss in 1H 2023) First half 2024 results: UK£0.006 loss per share (improved from UK£0.016 loss in 1H 2023). Revenue: UK£31.5m (down 3.7% from 1H 2023). Net loss: UK£235.0k (loss narrowed 62% from 1H 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Hospitality industry in Germany. Announcement • Sep 18
Tortilla Mexican Grill plc to Report First Half, 2024 Results on Sep 25, 2024 Tortilla Mexican Grill plc announced that they will report first half, 2024 results on Sep 25, 2024 Recent Insider Transactions • Jun 27
Independent Non-Executive Director recently bought €59k worth of stock On the 25th of June, Francesca Tiritiello bought around 93k shares on-market at roughly €0.64 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €123k more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • May 31
Now 26% undervalued Over the last 90 days, the stock has risen 10% to €0.59. The fair value is estimated to be €0.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has declined by 45%. Announcement • May 03
Tortilla Mexican Grill plc, Annual General Meeting, Jun 11, 2024 Tortilla Mexican Grill plc, Annual General Meeting, Jun 11, 2024, at 08:30 Coordinated Universal Time. Location: offices of Liberum Capital, 25 Ropemaker Street London United Kingdom Reported Earnings • Apr 24
Full year 2023 earnings released: UK£0.028 loss per share (vs UK£0.017 loss in FY 2022) Full year 2023 results: UK£0.028 loss per share (further deteriorated from UK£0.017 loss in FY 2022). Revenue: UK£65.7m (up 14% from FY 2022). Net loss: UK£1.09m (loss widened 71% from FY 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Hospitality industry in Germany. Announcement • Apr 12
Tortilla Mexican Grill plc to Report Fiscal Year 2023 Final Results on Apr 24, 2024 Tortilla Mexican Grill plc announced that they will report fiscal year 2023 final results on Apr 24, 2024 New Risk • Feb 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (€17.6m market cap, or US$18.9m). Reported Earnings • Oct 05
First half 2023 earnings released: UK£0.016 loss per share (vs UK£0.004 profit in 1H 2022) First half 2023 results: UK£0.016 loss per share (down from UK£0.004 profit in 1H 2022). Revenue: UK£32.7m (up 22% from 1H 2022). Net loss: UK£618.5k (down 495% from profit in 1H 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Hospitality industry in Germany. Announcement • Sep 25
Tortilla Mexican Grill plc to Report First Half, 2023 Results on Oct 03, 2023 Tortilla Mexican Grill plc announced that they will report first half, 2023 results on Oct 03, 2023 Announcement • Aug 24
Tortilla Mexican Grill plc Appoints Keith Down to Its Board as A Non-Executive Director Tortilla Mexican Grill plc announced the appointment of Keith Down to its Board as a Non-Executive Director, with effect from (24 August 2023). Keith brings a wealth of leadership experience gained across a broad range of consumer-focused businesses. He has held senior positions at companies operating across a wide range of sectors including retail, leisure, and hospitality. He was previously Finance Director and Company Secretary at JD Wetherspoon plc, Group Finance Director at Go-Ahead plc, Chief Financial Officer at Dunelm plc and, most recently, Finance Director of Selfridges Group. He is currently the Senior Independent Director and Audit Committee Chair of Topps Tiles plc. Reported Earnings • Mar 28
Full year 2022 earnings released Full year 2022 results: Revenue: UK£57.7m (up 20% from FY 2021). Net loss: UK£638.2k (down 147% from profit in FY 2021). Total stores: 82 (up by 18 from FY 2021). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Hospitality industry in Germany. Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). CEO & Executive Director Richard Morris is the most experienced director on the board, commencing their role in 2021. Independent Non-Executive Director Francesca Tiritiello was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 05
First half 2022 earnings released: EPS: UK£0 (vs UK£6.39 in 1H 2021) First half 2022 results: EPS: UK£0 (down from UK£6.39 in 1H 2021). Revenue: UK£26.9m (up 30% from 1H 2021). Net income: UK£156.5k (down 93% from 1H 2021). Profit margin: 0.6% (down from 11% in 1H 2021). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Hospitality industry in Germany. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorated over the past week After last week's 38% share price decline to €1.09, the stock trades at a trailing P/E ratio of 27.7x. Average forward P/E is 15x in the Hospitality industry in Germany. Announcement • Sep 22
Tortilla Mexican Grill plc Announces Directorate Appointments Tortilla Mexican Grill plc announced the appointment of Francesca Tiritiello as a new independent Non-Executive Director with effect from 20 September 2022. Francesca brings a wealth of business development, franchise, finance and M&A experience and she has been involved in the successful expansion of many branded businesses across the European QSR market, across both advisory and senior finance positions. Francesca is currently a Partner and Co-Founder of Kikkirossi, a European boutique advisory firm specialising in international franchise and brand development. Previously, she has held a number of director and CFO roles in European hospitality businesses, including eight years at Yum! Brands Inc., the owner and operator of household names including KFC, Pizza Hutand Taco Bell, where she held European CFO and Commercial Director positions. Francesca will take over as Chair of the Remuneration Committee from Laurence Keen. The company also announced appointment of Laurence Keen as Senior Independent Director. Laurence's skills as the CFO of Hollywood Bowl PLC have transferred this year to make him a highly effective PLC Non-Executive Board member for Tortilla and he will now take on these SID responsibilities as well as continuing to Chair the Audit Committee. Announcement • Sep 07
Tortilla Mexican Grill plc to Report First Half, 2022 Results on Oct 03, 2022 Tortilla Mexican Grill plc announced that they will report first half, 2022 results on Oct 03, 2022 Buying Opportunity • Sep 01
Now 26% undervalued Over the last 90 days, the stock is up 2.6%. The fair value is estimated to be €2.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Aug 09
Investor sentiment improved over the past week After last week's 16% share price gain to €1.63, the stock trades at a trailing P/E ratio of 40.6x. Average forward P/E is 19x in the Hospitality industry in Germany. Announcement • May 25
Tortilla Mexican Grill plc (AIM:MEX) acquired Chilango Ltd from RDCP Group Ltd for £2.75 million. Tortilla Mexican Grill plc (AIM:MEX) acquired Chilango Ltd from RDCP Group Ltd for £2.75 million on May 23, 2022. The transaction was done on a debt-free and cash-free basis, with the majority of the transaction consideration used to satisfy intercompany loans and other creditors. For the 52-week period to December 26, 2021, Chilango delivered revenue of £7.3 million and loss before tax of £0.2 million. The acquisition is expected to contribute EBITDA (pre-IFRS-16) of c.£0.1 million to the Group for the remainder of FY22 and FY23 EBITDA onwards of c.£1.0 million. Andrew Godber, Edward Thomas, and Nikhil Varghese of Liberum Capital Limited acted as financial advisor to Tortilla Mexican.
Tortilla Mexican Grill plc (AIM:MEX) completed the acquisition of Chilango Ltd from RDCP Group Ltd on May 23, 2022. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). CEO & Executive Director Richard Morris is the most experienced director on the board, commencing their role in 2021. Independent Non-Executive Director Laurence Keen was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 14
Full year 2021 earnings released: EPS: UK£0.035 (vs UK£4.72 loss in FY 2020) Full year 2021 results: EPS: UK£0.035 (up from UK£4.72 loss in FY 2020). Revenue: UK£48.1m (up 79% from FY 2020). Net income: UK£1.36m (up UK£3.05m from FY 2020). Profit margin: 2.8% (up from net loss in FY 2020). Over the next year, revenue is forecast to grow 19%, compared to a 115% growth forecast for the restaurants industry in Germany. Announcement • Apr 11
Tortilla Mexican Grill PLC, Annual General Meeting, Jun 15, 2022 Tortilla Mexican Grill PLC, Annual General Meeting, Jun 15, 2022, at 08:30 Coordinated Universal Time. Location: Liberum Capital Limited, 25 Ropemaker Street London United Kingdom Board Change • Oct 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Laurence Keen was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.