Burrito brand Chilango has promoted Richard Franks to managing director.

Franks will lead the company after co-CEOs Eric Partaker and Dan Houghton announced they would step down as part of a company restructure and cost cutting exercise.

Franks was previously operations director at Chilango, managing director at Apostrophe Cafes, and has also held roles at Harris + Hoole and Eat.

Chilango’s CVA proposals were approved around a month ago, which enable it to exit non-trading leases, reduce rents in select locations, and restructure debt repayments.

The non-trading leases include Bristol, Leeds and Brighton, which never opened, and Camden, which has been closed for some time.

Partaker and Houghton will remain as non-executive directors and major shareholders in the business.

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