Fish! set to grow
Fish! plc intends to expand from six to 28 restaurants by October 2002, revealed chairman Tony Allan today when the group unveiled its preliminary results for the year to 31 October, 2000.
The company formerly known as BGR has refocussed its attentions on its fish diners and specialist fish supplier Cutty after demerging its IT division, closing its food wholesale division, and selling its three Bank and Zander restaurants in October for £10.25m.
The first London Fish!, in Borough Market, was joined by new London sites at Battersea, Canary Riverside, and County Hall. The first provincial restaurant, in Guildford, was followed by a Birmingham restaurant in November.
"Our diner concept is now proven in the provinces and the real acceleration of its roll-out will happen between now and October 2002, by which time we will have 28 units operating," said chairman Tony Allan. "We look forward to the future with relish."
The company plans to open 10 more restaurants by October 2001, and is currently completing new Fish! outlets in Leeds and in Putney and Blackheath (at the site of BGR's former Lawn restaurant) in London, while sites for the others have been secured. It is also close to signing deals for the 12 planned for the following financial year.
Allan said all new Fish! outlets had become profitable within two months. The five Fish! restaurants open during the financial year boosted operating profit by 120% to £1.1m on turnover 144% ahead at £3.9m.
The restaurant division, including the Bank and Zander outlets, saw turnover climb 53% to £11.6m. Operating profit increased by 47% to £2.5m and pre-tax profit by 59% to £2.6m.
Overall, total group turnover grew by 10% to £21m and pre-tax profits dropped by £200,000 to £2.2m. Turnover from continuing businesses grew to £12.84m (from £12.72m) while operating profit increased to £1.1m (from £1.07m).
