|Fishworks Rescued From Administration|
Chiswick branch ‘not profitable’ enough to be part of the deal
FishWorks has been bought by businessman Ranjit Boporan just hours after the restaurant chain went into administration.
Boporan outbid Fishworks’ CEO Paul Goodale and Finance Director Stephen Easthope for the chain’s four most profitable sites from administrators including Richmond, Marylebone, Swallow Street and the original site in Bath.
The remaining six restaurants, including the Chiswick branch have ceased trading with the loss of around 90 jobs.
Goodale and Easthope had planned to buy all ten restaurants and hoped to keep them all open.
Boporan, who owns Buxted Chickens, said he had long-term plans to grow the business.
The announcement follows the freezing of Fishworks' shares on the Stock Exchange last week "pending clarification of the company's financial position and strategic options".
A spokesperson for Fishworks said that the chain "has continued to experience challenging market conditions".
The company, announced a £5.5million loss in November 2008. Over expansion has been blamed for much of Fishworks' troubles which have already led to the closure of their Notting Hill branch.
At the time, a spokesperson for Fishworks told ChiswickW4.com, “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.”
January 22, 2009