FishWorks raises £2.3m additional funds

FishWorks has raised £2.3m through a share placing to accelerate its recovery plan.

Rescued by a new owners Luke Johnson and Gary Answorth in February, the company is currently reviewing a number of its restaurant sites for possible disposal.

At the same time it said the additional funds would allow it to roll-out more larger, and therefore profitable, FishWorks.

The company's new management team, headed by chief executive Paul Goodale, has already redesigned the menu, extended opening hours and introduced a central reservation system to return the firm to profit.

In the full year to 31 July the restaurant-cum-fishmonger recorded a loss of £1.55m on turnover of £10.7m.

The placing shares will be admitted to the Alternative Investment Market on 11 December.

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By Chris Druce

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