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FishWorks raises £2.3m additional funds

16 November 2007 by
FishWorks raises £2.3m additional funds

FishWorks has raised £2.3m through a share placing to accelerate its recovery plan.

Rescued by a new owners Luke Johnson and Gary Answorth in February, the company is currently reviewing a number of its restaurant sites for possible disposal.

At the same time it said the additional funds would allow it to roll-out more larger, and therefore profitable, FishWorks.

The company's new management team, headed by chief executive Paul Goodale, has already redesigned the menu, extended opening hours and introduced a central reservation system to return the firm to profit.

In the full year to 31 July the restaurant-cum-fishmonger recorded a loss of £1.55m on turnover of £10.7m.

The placing shares will be admitted to the Alternative Investment Market on 11 December.

FishWorks losses balloon after year of change >>

FishWorks appoints new chief executive >>

Two more FishWork directors quit >>

Luke Johnson and Gary Ashworth rescue FishWorks >>

By Chris Druce

E-mail your comments to Chris Druce](mailto:chris.druce@rbi.co.uk?subject=FishWorks raises £2.3m additional funds) here.

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