Exclusive – Tortilla to explore IPO option: Tortilla, the Quilvest-backed fast casual Mexican concept, has appointed advisers to explore a possible initial public offering (IPO), Propel has learned. It is understood the circa 50-strong, Richard Morris-led, business has appointed advisers from investment bank Liberum to explore the option of a float for the business, which has been backed by Quilvest since 2012. It is thought that talks regarding an IPO are at an early stage and may not lead to the business going public. A move to the public markets and the range of fundraising options they provide has become increasingly attractive for sector operators as the pandemic has progressed. In March 2019, the business, which was founded by Brandon Stephens in 2007, began working with advisors at Spayne Lindsay, to determine the best strategy for its long-term future. It is thought that it continues to work with Spayne Lindsay regarding the option of a possible sale. It is thought Tortilla has traded “better than most” during the crisis, with delivery sales in particular remaining strong and have not dropped off even as more of the industry has reopened. The company recently opened new sites in Exeter and Edinburgh, with a further site lined up to open next month in Windsor. Last month, it opened a site in Chessington World of Adventures Resort, through a new partnership with Merlin Entertainments, which could see the Tortilla open further sites with the visitor attractions operator. It also added to its dark kitchens’ estate with an opening in the Deliveroo Editions in Manchester. Propel understands Tortilla hopes to add a couple more sites to its pipeline this year, including more dark kitchens units, and has a number of sites close to being secured for 2022. In April, the company, which operates seven sites in the Middle East, appointed Jason Thomas – formerly of Azzurri Group, Shake Shack and Loch Fyne Restaurants – as its new chief operating officer.