Business

Chilango in restructuring talks

Mexican fast-food chain Chilango has announced it is restructuring talks with accountancy firm RSM, which has been drafted in to discuss “options” for the business.

RSM said Chilango has “engaged” the firm to assist on working on long-term planning, options and strategy, and a spokesperson added: “All further enquiries should be directed to the company.”

According to Guardian, Mucho Mas, the owner of Chilango, made a loss of £1.4m in the year to 25 March 2018 and £3.2m the year before. Chilango Bonds, the group’s finance arm, was also six weeks late filing its accounts at Companies House as of Wednesday this week (13 November).

However, on the subject of the restructuring talks, Eric Partaker, Chilango’s CEO and co-founder, told the Guardian that there was “nothing to report”, and that the chain is “working with RSM on some long-term business planning.”

Earlier this year, the group’s investment opportunity ‘Burrito Bond 2’ (Capital at risk) saw its original fundraising target extended from £1m to £3.25m and the chain said it would use the finance gained by the mini bond to aid growth.

Chilango was founded in 2007 by Partaker and Dan Houghton, both former employees of the global tech giant Skype. The established food brand now operates 10 restaurants across London and its first site outside the capital opened in Manchester in 2016.

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