FishWorks losses up after turbulent period

13 April 2007 by
FishWorks losses up after turbulent period

Fishmonger-cum-restaurant chain FishWorks has seen losses balloon in the first six-months of the year after a turbulent period saw both its chairman and finance director quit.

The Alternative Investment Market listed company saw turnover in the six-months ended 31 January jump to £6.18m (2006: £2.8m) but pre-tax losses leapt from £248,403 a year earlier to £740,807.

In comparison, FishWorks pre-tax loss for the full year 2006 was £518,673.

Mitchell Tonks, chief executive officer at FishWorks, blamed the loss on the costs incurred by rapid expansion and on the departure of chairman Roy Morris and financial director Ratnesh Bagdai.

Restaurant entrepreneur Gary Ashworth and former Pizza Express and Channel Four chairman Luke Johnson have subsequently taken a stake in the company worth 33.7%.

Following an additional share listing yesterday, Ashworth has today been appointed group chairman with Chris Marsh taking the reigns as financial director after a stint as finance director of eight-strong London restaurant chain Patisserie Valerie.

"FishWorks remains a strong, popular and unique brand in the restaurant sector and our focus is currently on improving execution and driving sales from our current sites," Tonks said.

Fishworks operates 12 sites, including nine in greater London and one in Bath, Bristol and Christchurch.

FishWorks names new directors after rescue share offer >>Channel 4's chairman may bid for FishWorks >>

FishWorks takes steps to boost business >>

FishWorks revises down profit forecast as new stores underperform >>

By Christopher Walton

E-mail your comments to Christopher Walton here.

The Caterer Blog]( Catch up with more news and gossip on the Caterer Blog here
[Newswire For the latest hospitality news, sign up for our e-mail news alerts.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking