The Caterer

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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