Tortilla agrees £12.5m refinancing deal as CFO steps down
According to the fast food chain, the deal would ‘strengthen the group’s balance sheet and provide additional flexibility to support UK growth’
Tortilla has secured a new £12.5m funding facility with Santander UK, and announced the departure of its chief financial officer as the company prepares for its next growth phase.
The refinancing replaces a £10m agreement that was due to mature in September 2026. The new three-year senior facility, which includes a £2.5m overdraft, extends to June 2028, with two options to extend by a further year.
According to the fast food chain, the deal would “strengthen the group’s balance sheet and provide additional flexibility to support UK growth” through investment in technology and marketing. The funding will also help refurbish and rebrand sites in France, following its acquisition of Fresh Burritos in 2024.
At group level, the company now has access to £13.4m in debt facilities, including €1.03m (£0.88m) in France.
Andy Naylor, chief executive of Tortilla, said: “We are delighted to extend our 13-year relationship with Santander. The refinancing enables us to invest further in growth initiatives that have been yielding success in our UK business and to accelerate the launch of Tortilla into the European market, starting with France.”
As part of the changes, chief financial officer Maria Denny will step down from the board and leave the company on 30 September. Josie Whelan, head of commercial finance, will become interim CFO on a non-board basis while the company searches for a permanent replacement.
Naylor added: “On behalf of the board, I would like to thank Maria for her significant contribution to Tortilla, particularly during our recent refinancing process and financially steering the business through the acquisition of Fresh Burritos and our growth initiatives in the UK.”
Denny said: “It has been a privilege to serve as CFO of Tortilla. I’m proud of what we have achieved, and I look forward to monitoring the future success of the company as it enters its next phase of growth.”
Tortilla confirmed there would be no changes to its current financial guidance.
