Mitch Tonks’ south-west seafood restaurant group Rockfish has reported £500,000 in group earnings before interest, tax, depreciation and amortisation (EBITDA) for its 2018/19 financial year.
The figure is a slight decrease compared to £600,000 the previous year and is despite the group seeing restaurant EBITDA increase from £1.35m to £1.40m, due to higher central costs. The group also reported an increase in sales from £6.9m to £7.95m.
During the period Rockfish opened a sixth site in Exeter and has also since opened in Weymouth, Dorset, with sites set to open in Poole in February 2020, a further site in Sidmouth secured, and more locations expected to be announced shortly.
Goodman Restaurant Group's David Strauss was also appointed restaurant director, the business was refinanced and Rockfish secured investment from asset management firm Gresham House Ventures to fund its aspiration to hit 16 sites.
Tonks said: “2018/19 was a real turning point for our business. We saw some tremendous like-for-like sales, opened one restaurant but also paused to consider what was going on in the wider industry and economy and focused on strengthening our senior team and building the pipeline for the future.”
Will Beckett, chairman of Rockfish and chief executive of Hawksmoor, said: “Rockfish continues to amaze me – it’s such a special business, consistently opening wonderful restaurants while also contributing to the local economy in areas most restaurateurs have never visited let alone considered opening in, and to the local fishing industry. Mitch and his team have a wonderful blend of ambition and pragmatism that I think will serve Rockfish well for many years to come.”