Rockfish secures £3m to support expansion plans
Mitch Tonks' seafood group Rockfish has secured £3m in a fundraising campaign to support its expansion plans.
The investment will support plans for three new restaurants in Salcombe, Sidmouth and Topsham in July.
In its latest trading update for the year ended 30 April 2023, Rockfish reported turnover of £13.6m (up from £13.4m in 2022), while group EBITDA (earnings before interest, taxation, depreciation and amortisation) fell from £993,000 to £84,000, which has been attributed to "food, wage and energy inflation, and by successive base rate increases".
In the backdrop of continued financial challenges, Rockfish revealed it is "in legals on a fourth beachfront site" and is in the process of completing its £3m fundraiser from existing shareholders and institutional investors.
Mitch Tonks, founder and chief executive of Rockfish, said: "2022/23 was a difficult year; the inflationary challenges in particular felt relentless. I am extremely proud of how the company rose to meet those challenges, and believe we will be stronger for it in the near and long-term.
"Rockfish is a strong brand with a unique offer and I feel we have re-gained the momentum we had in 2019. Our three new openings and the commercial advantages of our supply chain will see sales, profitability and the estate grow in the coming year."
Will Beckett, chairman of Rockfish and chief executive of Hawksmoor, added: "Rockfish remains, to my mind, one of the stand-out companies in the hospitality industry. Like many, it has had challenges post-Covid, but while dealing with them has remained focused on the customer having a fantastic experience, on sourcing the best produce, and on trying to change the way people experience seafood in the UK."
Rockfish first launched in 2010 in Dartmouth and owns and controls its own seafood supply chain at its eight restaurants. Mitch Tonks received Restaurateur of the Year – Group at the 2022 Cateys for the Rockfish portfolio.
