FishWorks's executive chairman resigns
Roy Morris, executive chairman of seafood restaurant and fishmonger chain, FishWorks, has resigned.
The move follows a profit warning the company issued on 22 November. It said that it expected pre-tax profit to be £1.45m lower than the £2.2m originally forecast, around £750,000 for the year ending 31 July 2007.
FishWorks, which currently has 12 sites, said the pace of expansion, with six new openings in nine months, combined with the winding up of the company's Harvey Nichols concession and the purchase of supplier Channel Fisheries had "detracted from the successful execution of the FishWorks model".
This had led to the underperformance of some of the newly-opened sites, which are smaller in size and not as profitable as its star performers. Recent openings have included Battersea, Parsons Green, Primrose Hill and Chelsea in London.
Nicholas Stanley and Anthony Fisher, non-executive directors at FishWorks, will assume specific responsibilities as joint non-executive chairmen with immediate effect.
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By Daniel Thomas
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