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FishWorks continues restructuring programme

19 August 2008 by

FishWorks, the embattled restaurant group, has continued its restructuring programme apace by disposing of a further London outlet in Clapham.

The company, which announced plans to dispose of "underperforming, non-core sites" earlier this year after it reported pre-tax losses of £2.6m for the six months to 31 January, has sold its restaurant on Northcote Road. The move follows the successful disposal of a site in Notting Hill, west London.

FishWorks chief executive Paul Goodale said the company was in talks to sell one further London site and hinted that it is also considering the possible disposal of its supply business.

"There is no shame in closing restaurants that aren't working and producing improved results will have a more significant effect on the business and the brand," he told Caterersearch.

Goodale added that the group would continue a measured expansion in London with a focus on bigger sites similar to its flagship in Swallow Street in London's West End.

"We are looking at opening larger sites from 90 to 120-seats at locations including the City and Canary Wharf," he said.

Last month, FishWorks parted company with its founder and former chief executive Mitch Tonks, who stepped down from his role of director. Tonks, who remains in an "ambassadorial role", plans to focus on independent projects and his media career.

FishWorks suffers losses due to ‘challenge and change' >>

Mitch Tonks unveils new Dartmouth restaurant details >>

By Kerstin Kühn

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