Floundering FishWorks calls in the administrators

FishWorks, the embattled fish restaurant chain, has called in the administrators after attempts to raise working capital were scuppered by the credit crunch.

The company, which has 10 restaurants and 220 staff, has appointed PricewaterhouseCoopers two weeks after it was forced to suspend its shares due to “challenging market conditions”.

In November, FishWorks revealed a loss of £5.5m for 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.

It is understood that a number of bids for some or all of the company are already under consideration, including one from its own management team.

Channel 4 chairman Luke Johnson – a former chairman of Pizza Express and Belgo - has also been reportedly considering a second rescue bid, having bought a £1.5m stake in 2007.

FishWorks shares suspended >>

Losses rise to £5.5m at FishWorks >>

FishWorks continues restructuring programme >>

FishWorks parts company with Mitch Tonks >>

Luke Johnson and Gary Ashworth rescue FishWorks >>

By Daniel Thomas

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