IN BRIEF: Tortilla Mexican Grill agrees refinancing; CFO to step down

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Tortilla Mexican Grill PLC - London-based fast-casual Mexican restaurant group - Enters into a new, enlarged funding facility with Santander UK PLC, part of Banco Santander SA. Under this, Tortilla Mexican agrees a new £12.5 million senior facility agreement, replacing the existing £10.0 million facility which was due to mature on September 14, 2026. ‘This enhanced facility will strengthen the group’s balance sheet and provide additional ?exibility to support UK growth through targeted investment in technology and brand marketing. It will also enable the refurbishment and rebranding of the sites acquired in France last year, which will relaunch under the Tortilla brand,’ the company says. Company guidance for leverage remains unchanged. In addition, says Chief Financial Officer Maria Denny plans to step down as of the end of September. The board has initiated a formal search process to identify a successor. In the interim, Josie Whelan, currently head of commercial finance, will be appointed non-board interim CFO.

Current stock price: 41.89 pence, down 0.3% in London on Tuesday

12-month changed: down 19%

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