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.