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Chilango in restructuring talks

Mexican restaurant chain, Chilango is said to be in restructuring talks with accountancy firm RSM

The 12-site company is owned by London-based Mucho Mas, which made a loss of £1.4m in the year to 25 March 2018, according to the latest accounts available, and a loss of just under £3.2m in the previous year.

Chilango made headlines when it launched 'Burrito bond' in 2014, and reported earlier this year it had secured £3.7m from hundreds of small investors who had signed up for 'Burrito bond 2', which promised returns of 8% a year. The firm said the new funds would be used to refinance existing debt and open new outlets.

Chilango, which opened its first restaurant in north London in 2007, has 10 outlets in the capital, plus one in Manchester and another in Birmingham.

Chilango is considering options including administration and a company voluntary arrangement, which would see it enter negotiations with its creditors.