FishWorks suffers losses due to 'challenge and change'

A period of “challenge and change” has seen losses mount at fishmonger-cum-restaurant chain FishWorks.

FishWorks chief executive Paul Goodale today conceded that actions taken to turn around the struggling restaurant chain had taken longer than expected to have a positive effect.

However, the chief executive said the company’s new site in London’s Swallow Street had opened on time and on budget and was now the restaurant group’s busiest outlet.

“Improvement in execution has meant that some of our sites have recorded double digit growth compared to the same period last year,” said Goodale.

“We have restored like for like growth to FishWorks in what has been a challenging time for the restaurant sector more generally.”

Due to a £1.49m exceptional cost to do with disposal of underperforming restaurant site leases, the company’s losses in the six months ended 31 January amounted to £2.6m (2007: loss of £724,000).

Restaurant growth at the company’s 12 sites was 2.7% in the period and growth at its mature estate jumped 9.1% in January compared with January 2007.

Turnover was £5.23m in the six months compared with £5.15m a year ago.

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By Chris Druce

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