Chilango co-CEOs to step down

06 January 2020 by
Chilango co-CEOs to step down

The co-founders of Mexican restaurant group Chilango, Eric Partaker and Dan Houghton, have announced they are to step down as co-CEOs.

The move comes as the business seeks approval for a Company Voluntary Agreement (CVA), although a spokesperson has said the two are not related.

In a statement the business said: "Separate from and before the CVA, Chilango took measures to reduce its central costs. In September, Eric and Dan, acting as directors, took the difficult decision to make their co-CEO roles redundant, and begin the search process for a managing director. Dan Houghton's co-CEO role was made redundant on 1st October with his notice period ending on 31st December.

"Eric Partaker will remain CEO until the new managing director joins the business, at which point the role will also be made redundant. Both Eric Partaker and Dan Houghton will remain as non-executive directors and major shareholders in the business."

The CVA was sought after accounts made up to 25 March 2018, for parent company Mucho Mas revealed a loss of £1.4m.

Speaking about the CVA last month Partaker and Houghton said: "In recent years the market in which we operate has changed significantly. This proposal allows us to make important changes so we can support our stakeholders and continue serving our loyal guests."

The company had used its crowdfunding scheme ‘burrito bonds' to raised more than £3.7m over the last 12 months to expand the chain. These investors will have their debt converted to shares.

Chilango was founded in 2007, there are 12 venues across the UK.

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking