Fallout at FishWorks continues with resignation of finance director

30 January 2007 by
Fallout at FishWorks continues with resignation of finance director

The fallout at restaurant chain FishWorks has continued with the resignation of the company's finance director and questions raised about its future.

Ratnesh Bagdai has quit the business less than a year into his role and just over a month after executive Roy Morris was forced out after a surprise profit warning.

In the November profit warning the company said it now expected pre-tax profit to be £1.45m lower than the £2.2m originally forecast, around £750,000 for the year ending 31 July 2007.

At the time the company said the pace of expansion, with six new openings in nine months, combined with the winding up of the company's Harvey Nichols concession and the purchase of supplier Channel Fisheries had "detracted from the successful execution of the FishWorks model".

The announcement angered investors as there was no mention of problems in the company's full year trading announcement a month earlier.

In a statement today FishWorks said it was also in talks with its bankers and was confident of their continued support going forward, as well as raising additional funds to invest in the business.

However it has also conceded that its annual report to shareholders, which will be sent out tomorrow, will contain a statement from its auditors making clear talks remain just that until finalised and made certain.

By Chris Druce

FishWorks takes steps to boost business>>

Mitchell Tonks, cheif executive, FishWorks - CatererSearch 100>>

E-mail your comments to Chris Druce](mailto:Chris.Druce@rbi.co.uk?subject=FishWorks fallout) here.

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