Fallout at Fishworks as Director Departs

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Fishy business continues at beleaguered restaurant and fishmonger

The fishy business continues at beleaguered restaurant and fishmonger FishWorks as another director deserts the seemingly sinking ship.

The award winning business launched by former accountant Mitch Tonks in 1995, hit trouble following the departure of the group’s chairman, Roy Morris, in December, less than two weeks after the group issued a profits warning.

The news that finance director Ratnesh Bagdai had resigned with immediate effect saw Fishwork’s shares slump by more than 30%. Shares have been weak since November when Fishworks warned that its rapid expansion would mean annual profits coming in below market expectations.

The company then closed its West End head office and moved to leased offices above its Islington restaurant. In an attempt to raise more capital, Fishworks restaurants also now open on Mondays, giving them seven days a week operation across the group.

Chief Executive Mitch Tonks was awarded “Restaurateur of the Year” at the launch of the Tatler 2006 Restaurant Guide last year. This was the latest in a long list of recognition and awards, including the title of Best London Fish Restaurant which they won in the 2005 ITV London Restaurant Awards.

Mitch, with his former business partner, Roy Morris, grew their business from humble West Country beginnings.

 

February 6, 2007