Struggling restaurant chain FishWorks has announced it will suspend trading shares on the Alternative Investment Market (AIM) immediately, causing speculation over the company’s future.
FishWorks has said the continuing ‘challenging market conditions’ first outlined in the company’s trading update in November, in which the company also announced a £5.5m loss for the year ending 31 July 2008, affected its decision to immediately halt the trading of its shares while it considers its financial position and ‘strategic options’.
In November FishWorks chairman Gary Ashworth, who joined the company in 2007 with Luke Johnson as part of a rescue deal, said he was ‘cautious’ regarding the UK’s economic future, but believed the tough market conditions would ‘present good opportunities’ for acquiring further sites.
FishWorks currently operates nine restaurants in London, with three additional sites in Bath, Bristol and Christchurch. A spokesperson for the company said they would be making a further announcement as soon as possible.
FishWorks reports losses
FishWorks cost cutting measures