Poultry Tycoon Acquires FishWorks

FishWorks was purchased by a West Midlands poultry tycoon today, just a day after the beleaguered upscale U.K. seafood chain went into administration.

Ranjit Boparan, owner of the Buxted chicken company, acquired FishWork's four most profitable restaurants from administrator PricewaterhouseCoopers, but the remaining six restaurants will close and nearly 100 jobs will be lost.

"We absolutely believe in the business and we believe in the brand," Boparan told the Express and Star. "We're in this for the long-term and we're confident that our established expertise, in tandem with the talents of the existing FishWorks team and the support of our loyal customers, will turn the business around and give us a stable platform for continued future growth."

PricewaterhouseCoopers was looking at numerous potential buyers, including current management and Channel 4 Chairman Luke Johnson.

Earlier this month, FishWorks suspend trading of its shares to seek new cash or a takeover.

Founded by fishmonger Mitch Tonks in 1994, FishWorks until recently operated 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 recording a £1.6 million ($2.2 million) loss the previous fiscal year. 

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