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(Sharecast News) - Tortilla Mexican Grill said on Tuesday that it has bought Fresh Burritos, the second largest fast-casual Mexican restaurant group in Europe, and largest in France, ¬3.95m (£3.3m).
It said the deal is the latest step forward in its 'Vital Five' growth strategy, of which key pillars are to develop the brand internationally and double-down on franchise.
The acquisition includes 13 company-owned leasehold restaurants in Paris and other major French cities, and rights to the Fresh Burritos brand and network of 19 franchised locations
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!
"We've assembled a top-tier European team, with Francesca and Gilles at the helm, to navigate this new market. The brand synergies are clear, a new central kitchen is in the works, and our dedicated team is raring to go. We're primed for sustainable growth abroad!"
In the year to 31 December 2023, Fresh Burritos delivered revenue of ¬9m and a loss before tax of ¬0.1m.
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