Tuesday 19 May 2026 8:05 am
| Updated:
Tuesday 19 May 2026 8:06 am
Tortilla said it was "in discussions" with lenders
Shares in Tortilla Mexican Grill tumbled on Tuesday after the firm admitted to a multi-million pound accounting blunder.The AIM-listed business said it identified £2.5m of spending in its French arm which was “not expensed through the profit and loss account,” meaning it previously overstated its profits for 2025 and in doing so, breached its debt agreements with lenders.Tortilla said it was “in discussions” with lenders over agreeing a waiver in the event that debt terms were broken.Shares in the hospitality firm tumbled as much as 12 per cent to 64p in the opening minutes of trade in London. The stock remains up by 25 per cent since the start of the year.Tortilla said a review by auditors was “continuing,” adding it “is putting in place appropriate additional financial controls and review procedures in France.”The company said it was shuttering a number of venues across France as part of a “structural reset” to cut costs.Tortilla posted a pre-tax loss of £2.3m in the first six months of last year. This is a developing story, more to follow.
