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FishWorks buys Channel Fisheries

24 January 2006
FishWorks buys Channel Fisheries

FishWorks, which moved to the Alternative Investment Market (AIM) last year, has bought its own seafood supplier for almost £1m.

Channel Fisheries cost £973,000 and already supplies FishWorks and some 300 hotels and restaurants across the UK.

Roy Morris, chief executive of FishWorks, said: "The incorporation of a source of high quality, fresh produce and distribution capability will facilitate the expansion of our group without compromising on the quality with which we have become associated."

In a pre-close statement today the company said trading had been strong across the group, with like-for-like sales during December climbing 14.7% year-on-year.

If contributions from new store openings are included as well, Fishworks saw its turnover surge 41% in December compared with the same period last year.

Despite this, the later than expected exchange of contracts for new Richmond and Primrose Hill restaurants, and a weak performance at the company's Harvey Nicholas concession in London has hurt profits.

FishWorks said it now expects pre-tax profit for the year ending 31 July 2006 to be below market expectations, at around £250,000.

Morris said the company remained on target to open 15 new restaurants by the 31 July 2007.

FishWorks boasts most productive year so far >>

By Chris Druce

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