FishWorks bought out of administration

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FishWorks, the restaurant-cum-fishmonger, has been bought out of administration by a West Midlands business tycoon, but six of its restaurants will close and nearly 100 jobs will be lost.

Mr Ranjit Boparan has snapped up the company’s four most profitable stores, including those in London’s Richmond and Bath, from the administrator PricewaterhouseCoopers, in a deal that could save 95 jobs.

Mr Boparan’s Buxted chicken business supplies poultry to the food and catering industry.

On 7 January, shares in FishWorks were suspended pending clarification of its financial position.

FishWorks was founded by the celebrity chef Mitch Tonks in 1995. In November, it said full-year pre-tax losses had widened from £1.6m to £5.5m.

At that time, its chairman Gary Ashworth said: “Although current market conditions are extremely tough the board believes they will also present good opportunities in the coming months.”