Four FishWorks restaurants rescued from administration

Four FishWorks restaurants have been rescued from administration in a deal that saves more than 100 jobs.

Fishworks Richmond, Swallow Street (London), Marylebone and Bath have been bought by Ranjit Boparan, owner of chicken processor 2 Sisters Food Group, via his investment vehicle Boparan Ventures.

The move follows today’s announcement that FishWorks had called in administrator PricewaterhouseCoopers (PwC) after attempts to raise working capital were scuppered by the credit crunch.

As part of the deal, the new owners have acquired the Fishworks brand and trading name.

Boparan said: “We’re making a significant investment because we absolutely believe in the business and we believe in the brand. Our strategy is simple – exceptional quality, exceptional service and exceptional value to suit the taste, expectations and pockets of our customers.”

Restaurant industry veteran Marija Simovic, who has held various international board director roles at US restaurant giant Yum! Brands, the owner of Pizza Hut, has been appointed as the new chief executive of FishWorks.

PwC has confirmed that the remaining six restaurants in the chain are to be closed with immediate effect and the loss of 90 jobs.

FishWorks shares suspended >>

Losses rise to £5.5m at FishWorks >>

FishWorks continues restructuring programme >>

By Chris Druce

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