FishWorks suffers losses due to ‘challenge and change'

25 April 2008 by
FishWorks suffers losses due to ‘challenge and change'

A period of "challenge and change" has seen losses mount at fishmonger-cum-restaurant chain FishWorks.

FishWorks chief executive Paul Goodale today conceded that actions taken to turn around the struggling restaurant chain had taken longer than expected to have a positive effect.

However, the chief executive said the company's new site in London's Swallow Street had opened on time and on budget and was now the restaurant group's busiest outlet.

"Improvement in execution has meant that some of our sites have recorded double digit growth compared to the same period last year," said Goodale.

"We have restored like for like growth to FishWorks in what has been a challenging time for the restaurant sector more generally."

Due to a £1.49m exceptional cost to do with disposal of underperforming restaurant site leases, the company's losses in the six months ended 31 January amounted to £2.6m (2007: loss of £724,000).

Restaurant growth at the company's 12 sites was 2.7% in the period and growth at its mature estate jumped 9.1% in January compared with January 2007.

Turnover was £5.23m in the six months compared with £5.15m a year ago.

Mitch Tonks unveils new Dartmouth restaurant details >>

Fishworks buys first new restaurant under new ownership >>

FishWorks raises £2.3m additional funds >>

FishWorks losses balloon after year of change >>

By Chris Druce

E-mail your comments to Chris Druce here.

The Caterer Blog](http://www.caterersearch.com/blogs/catering-news-blog/) Catch up with more news and gossip on the Caterer Blog here
[Newsletters For the latest hospitality news, sign up for our e-mail newsletters.
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 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.

close

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