FishWorks collapses but PwC saves half of jobs in quick sale
Seafood chain calls in administrators from PricewaterhouseCoopers, who achieve a sale of desirable outlets to a new buyer
FishWorks, the specialist fish restaurant chain has gone into administration,
but partners from PricewaterhouseCoopers have secured the futures of 95 staff
with a speedy sale.
Following their appointment as joint administrators yesterday, Mike Jervis
and Colin Haig have now announced the sale of four FishWorks sites. Two London
outlets in Swallow Street and Marylebone Street were sold to Boparan Ventures
Ltd alongside sites in Richmond and Bath.
Mike Jervis said : ‘Through an extensive accelerated merger and acquisition
process, we reached out to around 50 potential buyers and received 5 competitive
bids.
‘We are delighted to be able to announce this sale, resulting in the
preservation of over 90 jobs and a continuation of the brand, particularly at
this challenging time in the sector.’
However, the other sites in Bristol, Christchurch, Chelsea, Islington, Fulham
and Chiswick will be closed with immediate effect, which means 90 jobs will be
lost.
‘Like many restaurant chains FishWorks has been affected by the current
economic climate, making trading conditions difficult,’ PwC added.