Tortilla’s recent trading update confirmed that results will be in line with reduced expectations following the October downgrade, with France now finally starting to show positive momentum. However, the board has rightly decided, in our view, that the current management team is not strong enough to deliver its European aspirations. The has led to wholesale changes, announced today, with the most significant being founder, Brandon Williams, replacing Andy Naylor as CEO. We retain our 70p target ....
