Tortilla Mexican Grill, the Mexican fast-casual chain, has announced that its shares will be temporarily suspended from trading on London's junior AIM market following a delay in publishing its 2025 annual results. The suspension is a direct consequence of a £2.5 million accounting error discovered in the company's French operations, which led to an overstatement of profits for the previous year.
Accounting Error and Review
Last month, Tortilla revealed that £2.5 million of spending in its French business was “not expensed through the profit and loss account,” meaning its earnings would be up to £2.5 million lower than previously indicated. The company launched a review into the issues as auditors sought to reassess the group's accounts. On Monday, Tortilla stated that the review process and additional auditing mean the group will not be able to report its 2025 annual results by the deadline of Tuesday, June 30.
Board Decision and Share Suspension
The company explained: “The board considers it in shareholders’ best interests to take the additional time required to complete this review within the year-end audit, rather than meet the original timetable, reflecting its commitment to strengthened financial controls and disciplined reporting, and to ensuring the issues identified in France do not recur.” As a result, shares will be temporarily suspended from Wednesday. The company stressed that the delay is solely related to the French review and audit and said it will publish its annual accounts “as soon as possible once the audit has been completed.”
UK Trading Remains Strong
Despite the accounting issues, Tortilla emphasized that trading in the UK continues to be strong, with “robust” like-for-like sales across its French stores. In a statement, the company said: “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.”
