Tortilla Mexican Grill (MEX): Covenant waivers after French restatement

This situation live

MEX Tortilla Mexican Grill

£27m · 71.0p · −2% since the first step

19 May 2026 · Potential covenant breaches; waiver talks with lender · +0% until the next step While this adjustment now leads to potential retrospective covenant breaches, the Company is in discussion with its lender about appropriate waivers should that be the case.

29 Jun 2026 · Audit delayed; shares suspended from 1 July · −1% until the next step The Company will publish the FY25 Annual Accounts as soon as possible once the audit has been completed and regards this as a short, contained delay.

27 Jul 2026 · Audited accounts published; suspension lift sought · +1% until the next step Therefore, trading of the Company's shares was suspended on 1 July 2026; publication of this report restores compliance, and we have sought the lifting of that suspension.

27 Jul 2026 · Accounts published; suspension lift sought · +1% until the next step publication of this report restores compliance, and we have sought the lifting of that suspension.

29 Sep 2026 · Net debt rising; suspension and covenant status not updated · −3% since Group adjusted net debt[5] was £12.4m at Period end (H1 FY25: £9.9m).

Balance-sheet stress / refinancing

Covenant waivers after French restatement

Net debt rising; suspension and covenant status not updated

Every step · 5

19 May 2026 Potential covenant breaches; waiver talks with lender – While this adjustment now leads to potential retrospective covenant breaches, the Company is in discussion with its lender about appropriate waivers should... ↗
29 Jun 2026 Audit delayed; shares suspended from 1 July – The Company will publish the FY25 Annual Accounts as soon as possible once the audit has been completed and regards this as a short, contained delay. ↗
27 Jul 2026 Audited accounts published; suspension lift sought – Therefore, trading of the Company's shares was suspended on 1 July 2026; publication of this report restores compliance, and we have sought the lifting of... ↗
27 Jul 2026 Accounts published; suspension lift sought – publication of this report restores compliance, and we have sought the lifting of that suspension. ↗
29 Sep 2026 Net debt rising; suspension and covenant status not updated – Group adjusted net debt[5] was £12.4m at Period end (H1 FY25: £9.9m). ↗

What is happening

Tortilla Mexican Grill: Covenant waivers after French restatement – Net debt rising; suspension and covenant status not updated. ['Net debt rising; suspension and covenant status not updated']

In short: 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.
Announced: 19 May 2026 · Potential covenant breaches; waiver talks with lender
Latest: 29 Sep 2026 · Net debt rising; suspension and covenant status not updated
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)
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
Earlier net debt: £10.8m adjusted at FY25 year end

Briefing Pro

New to Tortilla Mexican Grill? Get up to speed in 2 minutes.

What it does, how it got here, what management promised and delivered – written from its own announcements.

Get the MEX briefing →

From the company's own announcements. Not investment advice.

Also at Tortilla Mexican Grill 1 open

New CEO / resetLeadership reset and strategic priorities – Ten Key Objectives progressing; plan due early Q4 Tortilla Mexican Grill – company page →