FishWorks, an upscale U.K. seafood restaurant chain, has gone into administration.
The administrator, PricewaterhouseCoopers, is looking at a number of buyers including current management. Channel 4 Chairman Luke Johnson is among the suitors.
Earlier this month, FishWorks suspended trading of its shares to seek new cash or a takeover.
Founded by fishmonger Mitch Tonks in 1994, FishWorks now operates 10 restaurants in London and Southwest Britain. Tonks left the company last year, 17 months after a financial bailout by Johnson and Abacus founder Gary Ashworth.
In November, FishWorks posted a £5.5 million ($7.6 million) loss in the fiscal year ending in July after a £1.6 million ($2.2 million) loss the previous fiscal year. It has since closed three restaurants.
In addition to its 10 restaurants, the company also home-delivers seafood and operates cooking schools in Bristol and Richmond.
