|Has Over Expansion Put The Spanner In Fishworks?|
Huge losses show fins are not what they used to be at seafood chain
Over expansion has been blamed for the huge losses recently announced by Fishworks. The company, whose Chiswick branch has so far escaped closure, unlike its Notting Hill counterpart, declared its biggest loss ever of £1.5m.
According to one financial expert over expansion has much to do with the disastrous record. Yet their concept of restaurants, fishmongers and cookery classes and books, many observers believe, should work in this prosperous era of eating out and health awareness.
A spokesperson for Fishworks told ChiswickW4 “Whilst the decision has been made to close our Notting Hill branch, our restaurant in Chiswick is going from strength to strength. Following some refinancing for the company, together with a review of the FishWorks Board, we are in line to prepare for future growth, including the opening of new restaurants in 2008 and enhancement of the current sites.”
With the firm backing of the board, Fishworks founder Mitch Tonks will lead their development, part of which will be by spearheading a substantial media campaign, including Books, TV and PR and will remain on the Board as an executive Director.
Chairman Gary Ashworth commented, "Mitch has been the creator and driving force behind the Fish works story and it was always my aim to surround his vision and passion with appropriately experienced management. I have been pleased with Paul's [Goodale, Fishworks COO] impact to date in the business and am confident that this re allocation of responsibilities will provide a great platform for our future."
November 16, 2007