Struggling FishWorks Seeks New Cash, Takeover

By

SeafoodSource staff

Published on
January 7, 2009

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.

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