FishWorks has been part-bought out by restaurant entrepreneurs Luke Johnson and Gary Ashworth, who are taking 33.3 per cent shares in a £2.5m share-placing and subscription scheme to revive the fortunes of the beleaguered company. Ashworth, founder and Chairman of InterQuest Group and a founder of Room Restaurants, is expected to be chairman after completion of the conditional subscription. Chris Marsh, a Chartered and Tax Accountant, is likely to be Finance Director.
Mitch Tonks, founder and Chief Executive Officer, said, "This package, with the proven management of Gary and Chris, will give us firm financial control.
Gary's experience in running public companies and creating shareholder value will be a strong asset, and Luke will be invaluable in our future roll-out."
FishWorks said that trading in the first four months of the financial year from August 1 2006 was adversely impacted due to management disruption, pricing and operational issues.