Struggling FishWorks Seeks New Cash, Takeover
FishWorks, an upscale restaurant chain in the United Kingdom, plans to suspend trading of its shares as it looks for new cash or a takeover, London’s Evening Standard reported yesterday.
Founded by fishmonger Mitch Tonks in 1994, FishWorks now operates 10 restaurants in London and Southwest Britain. Tonks quit last year, 17 months after a financial bailout by Channel 4 chairman Luke Johnson and Abacus recruitment firm founder Gary Ashworth.
Johnson and Ashworth each paid £750,000 for their 11 percent stake in the chain in February 2007. At Wednesday’s suspension price of 1.63 pence, those shares are now worth only £200,000.
In November, FishWorks said it had lost £5.5 million in the fiscal year ending in July after £1.6 million in losses the previous year. It has since closed three restaurants.