Tortilla Mexican Grill
MEX · AIM · Travel and Leisure · mcap £27m · 71.0p 2 open situations →
Open · 2
Leadership reset and strategic priorities
Founder Brandon Stephens returned as Group CEO in February 2026 with a Board rebuild and a French review. Audited accounts were published and the Ten Key Objectives set a three-year plan. The H1 results report progress on all ten, and the Value Creation Plan is being costed, with Board approval expected in early Q4.
- Plan
- New three-year strategic plan with Ten Key Objectives
- Board
- Gregor Grant (SID, Audit Chair) and Marta Pogroszewska joined as NEDs
- Controls
- Oversight of French finance function strengthened
- Next milestone
- Board approval of Value Creation Plan in early Q4 29 Sep 2026 ↗
- H1 EBITDA
- Group adjusted EBITDA (pre-IFRS 16) £0.5m; UK £2.6m 29 Sep 2026 ↗
- Technology
- Oracle EPOS migration due to complete in Q4 29 Sep 2026 ↗
Next: Board approval of three-year Value Creation Plan
- 29 Sep 2026 Ten Key Objectives progressing; plan due early Q4
- 27 Jul 2026 Accounts published; new three-year plan
- 27 Jul 2026 Accounts published; new three-year plan set
- 29 Jun 2026 French review extended; controls being strengthened
Covenant waivers after French restatement
Led to Leadership reset and strategic priorities – Ten Key Objectives progressing; plan due early Q4
A French accounting adjustment in May 2026 cut FY25 EBITDA, raised covenant breach risk and delayed the audit, so shares were suspended from 1 July. Accounts were then published. H1 adjusted net debt is £12.4m, up from £9.9m a year earlier and £10.8m at the FY25 year end. The extract does not update covenants or the suspension.
- FY25 EBITDA
- £1.1m pre-IFRS 16 after £2.7m of French correcting adjustments
- Adjusted net debt
- £12.4m at end of H1 FY26 (H1 FY25: £9.9m) 29 Sep 2026 ↗
- Suspension
- Since 1 July 2026; lifting sought after publication
- Cash impact
- No impact on FY25 cash flow or reported adjusted net debt
- Lender
- Debt facilities refinanced with Santander during the year
- H1 EBITDA
- Group adjusted EBITDA (pre-IFRS 16) £0.5m 29 Sep 2026 ↗
- 29 Sep 2026 Net debt rising; suspension and covenant status not updated
- 27 Jul 2026 Accounts published; suspension lift sought
- 27 Jul 2026 Audited accounts published; suspension lift sought
- 29 Jun 2026 Audit delayed; shares suspended from 1 July
Company filings. Not investment advice.