Tortilla Mexican Grill requests share suspension as probe continues

Tortilla Mexican Grill PLC on Monday said shares in the company will be suspended pending further investigation into accounting errors.

Last month, the London-based Mexican restaurant chain said it had launched a review into issues at its French business.

It said £2.5 million of spending in its French business was "not expensed through the profit and loss account", meaning FY25 adjusted earnings before interest, tax, depreciation and amortisation is now expected to be up to £2.5 million lower than indicated in the trading update in January at £1.5 million.

On Monday, Tortilla said the review process and additional auditing means that the group will not be able to report its 2025 annual results by a deadline of Tuesday June 30.

As a result, the company said its shares on London's AIM market will be temporarily suspended from Wednesday.

Shares in the company were down 3.2% at 72.13 pence each in London on Monday.

Tortilla Mexican Grill said the "comprehensive" review will ensure that the matters identified are "fully understood, accurately reflected in the audited accounts, and resolved on a lasting basis."

This is in "shareholders' best interests", the firm added.

Tortilla Mexican Grill said it will publish FY25 accounts "as soon as possible" once the audit has been completed and regards this as a "short, contained" delay.

The delay reflects solely the completion of the French review and audit, and does not reflect any change in the group's underlying trading or financial position, the firm stressed.

Trading in the UK continues to be strong and like-for-like sales for converted French stores remain robust.

"The board remains confident in the prospects of the group's core business and is focused on completing the audit and restoring the shares to trading as soon as possible," it added.

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