Tortilla shares to be suspended as French accounting review delays results

Tortilla has announced that its shares will be temporarily suspended from trading on AIM after delaying publication of its 2025 annual results while it completes an audit review of its French operations.

The Mexican restaurant chain said it would miss the 30 June reporting deadline as its board and auditors continue investigating accounting adjustments within the French business. First disclosed in May, the issues relate to the classification of certain operating costs and are expected to reduce group adjusted EBITDA (pre-IFRS 16) by up to £2.5m to around £1.5m.

Although Companies House has granted an extension to file its annual accounts, AIM rules require listed companies to publish audited results within six months of their financial year-end. As a result, trading in Tortilla’s shares will be suspended from 7.30am on 1 July until the accounts are published.

The company said it expects the delay to be “short and contained” and intends to apply for trading to resume as soon as the audit is complete. The company said it expects its final results to be broadly in line with the guidance issued in May, with UK FY25 adjusted EBITDA still forecast at around £6.5m, subject to completion of the audit.

Tortilla stressed that the delay relates solely to the ongoing review of its French business and does not reflect any deterioration in the group’s underlying trading performance. The company said trading in the UK remains “strong”, while like-for-like sales at its converted French stores continue to perform well.