Channel 4's chairman may bid for FishWorks

Channel 4's chairman Luke Johnson is rumoured to be looking at making an offer for troubled seafood restaurant chain FishWorks.

Luke Johnson, who was formerly chairman of PizzaExpress and Belgo restaurant groups, is believed to have already made a tentative approach through his Risk Capital Partners private equity vehicle to the Fishworks board, according to the Times.

The AIM-listed group has seen its shares fall recently after the company admitted it was in talks with its bankers over its finances and issued a surprise profit warning in December.

Financial director Ratnesh Bagdai was also dismissed last week as finance director, following the resignation of Roy Morris from his post of executive chairman late last year.

The news has also prompted some investors to call for an inquiry as to whether FishWorks misled the market as the profit warning was issued only a week after a positive previous statement.

Shares of FishWorks shares rose by ½p to 13½p yesterday, up from a low of 10¼p on Wednesday due to the bid rumours. They originally floated at 33p in June 2005.

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By Emily Manson

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