FishWorks shares suspended

Struggling restaurant chain-cum-fishmongers FishWorks has had its shares suspended from the Alternative Investment Market (AIM) pending clarification of its financial position.

In a statement today the company said: “Fishworks announces that it has continued to experience the challenging market conditions referred to in its announcement of 28 November 2008.”

“As a result, and following discussions with its bank, FishWorks announces that it has requested a suspension, with immediate effect, of trading of its shares on AIM, pending clarification of the Company's financial position and strategic options.”

In November FishWorks revealed a loss of £5.5m in the year ended 31 July 2008. At the time the company said it expected cost-cutting procedures implemented at the group to improve its future performance.

FishWorks was saved from collapse in February 2007 by recruitment and restaurant entrepreneur Gary Ashworth and Luke Johnson, former chairman of Pizza Express and Belgo.

At the time Ashworth and Johnson took a 33% stake in the company between them as part of a £2.5m rescue deal.

Former Zinc restaurants director Paul Goodale replaced Mitch Tonks as chief executive in October 2007 as part of a restructuring drive at the group. FishWorks founder Tonks left the business last year.

FishWorks continues restructuring programme >>

FishWorks parts company with Mitch Tonks >>

FishWorks suffers losses due to 'challenge and change' >>


By Chris Druce

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