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Seafood chain in administration Seafood chain in administration
(about 8 hours later)
The seafood chain FishWorks has gone into administration.The seafood chain FishWorks has gone into administration.
The firm, which has seven restaurants in London and one in Bristol, Bath and Christchurch in Dorset, suspended its shares earlier in the month. The firm, which had seven restaurants in London and one each in Bristol, Bath and Christchurch in Dorset, suspended its shares earlier in the month.
FishWorks said it was continuing to trade despite calling in administrator PricewaterhouseCoopers (PwC). Administrator PricewaterhouseCoopers (PwC) found a buyer for four of the outlets, but six others have closed.
PwC is considering several rescue bids, including from members of the current management. It is also reported the Channel 4 chairman could make an offer. The four outlets that remain - in Bath, Richmond and two in London - will retain about 100 staff, while 90 jobs have gone at the remaining restaurants.
Cookery schoolsCookery schools
Luke Johnson, a successful restaurant entrepreneur before joining Channel 4, bailed out FishWorks in 2007. PwC had considered several rescue bids, including from members of the former management before opting to sell to entrepreneur Ranjit Boparan, who already owns chicken processor 2 Sisters Food Group.
A spokesman for the company said its chief executive Paul Goodale and finance director Stephen Easthope had put in bids to save the business. The failed restaurants have already closed and the two remaining London locations are in Marylebone and Piccadilly.
As well as its 10 restaurants, the firm also provides home deliveries of fish and runs cookery schools in Bristol and in Richmond, south-west London. As well as its 10 restaurants, the firm also provided home deliveries of fish and ran cookery schools in Bristol and at the location in Richmond, south-west London.
The company was founded by former fishmonger Mitch Tonks in 1994. He left the company last year.The company was founded by former fishmonger Mitch Tonks in 1994. He left the company last year.