The Caterer

FishWorks boasts most productive year so far

19 October 2005
FishWorks boasts most productive year so far

Mitchell Tonks's FishWorks restaurant chain has capped a successful year, which saw it listed on the Alternative Investment Market (AIM), with turnover and profit growth.

FishWorks, which plans to grow from seven to a minimum of 19 restaurants by 31 July 2008, also announced it is looking to buy a fish and seafood supplier.

Chairman of FishWorks, Tony Fisher, said: "This has been the most successful and productive period in the group's history to date."

Turnover increased 51% from £2.74m in 2004 to £5.4m in the 12 months ended 29 February. Much of this increase was credited to the opening of a new site in London's Marylebone, which traded above expectations in its first nine months.

Earnings before interest deprecation and amortisation increased from a loss of £315,000 in the previous year to a profit of £217,000.

In June the company's move from OFEX to AIM raised £3.8m net of expenses.

It was also named the Tio Pepe ITV London fish restaurant 2005 for its Chiswick and Marylebone sites.

By Chris Druce

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