FishWorks losses balloon after year of change

18 October 2007 by
FishWorks losses balloon after year of change

A turbulent year at FishWorks, which saw the restaurant chain rescued from collapse and its chief executive replaced, has resulted in a near tripling of losses to £1.55m.

Although turnover in the full year to 31 July was 40% up at £10.7m (2006: £7.6m) thanks to two openings this wasn't enough to offset struggling sites such as Notting Hill in London.

The new management team, which rescued the ailing company in February, have now completed a viability study of the business, which has resulted in Notting Hill being put on the market.

FishWorks confirmed it would be concentrating on larger sites in the future to achieve higher volumes at its restaurant-cum-fishmonger sites.

Gary Ashworth, chairman of FishWorks, said: "This has been a year of change with the new management team undertaking a review of the business with the intention of growing and developing it going forward."

At the start of the month the company announced co-founder Mitchell Tonks was to be replaced as chief executive by Paul Goodale. Tonks is now an executive director in charge promoting the business.

FishWorks appoints new chief executive >>

FishWorks to carry out review of restaurants >>

Luke Johnson and Gary Ashworth rescue FishWorks >>

Caterer Blog: Fishworks change shows scale of problem >>

By Chris Druce

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