#241: What fish and chip shops are really worth today - with Danny Hennessy

For anyone who owns, runs or plans to sell a fish and chip shop, Episode 241 of The Ceres Podcast is not just interesting listening, it is essential. In this episode, host Mark Petrou sits down with Danny Hennessy to unpack what fish and chip businesses are really worth today and why many owners are dangerously out of step with reality.

This is not a theoretical discussion. It is a grounded, honest conversation between two people who have spent decades in the trade, lived through its toughest moments, and seen the industry change from the inside. What makes this episode stand out is its combination of personal journey, operational insight and hard commercial truth.

From the fryer to valuations

The episode opens with Danny Hennessy’s background, starting in fish and chips at just 14 years old with Jack’s, one of the UK’s largest fish and chip chains at the time. Listeners are taken through his progression from teenage prep work to becoming one of the youngest managers in the business, and later moving into partnerships and ownership.

Mark and Danny reflect on how fish and chips used to operate. High volumes, low prices, and equipment that would now be considered basic. Danny recalls a time when a shop could serve breakfast, lunch and dinner at scale, generating turnover figures that are almost unthinkable today. This context matters, because it explains why so many owners still value their businesses using outdated benchmarks.

The conversation becomes particularly compelling when Danny talks openly about his experience running the Ely shop. He describes the pressure of stepping into a large, complex business far from home, without proper support, and the weight of expectations from loyal customers and staff. It is a candid account of isolation, responsibility and learning the hard way.

One of the most striking moments is Danny’s honesty about selling the business and staying on afterwards. He speaks openly about how difficult it was to go from leading a shop to being part of the team under new ownership, even when the transition was handled with respect. It is a reality many owners face but rarely talk about.

What fish and chip shops are really worth today

As the episode progresses, the focus shifts to Danny’s current role at Mandens, the long established fish and chip business transfer specialists. This is where the episode delivers its most practical value.

Mark and Danny dismantle one of the biggest misconceptions in the trade: that shops are still valued primarily on turnover. Danny is clear that this approach no longer holds. Today, valuations are driven by profit, not headline weekly takings.

He explains why a shop taking £20,000 a week can be worth less than a smaller operation if rent, wages and costs are out of control. Banks no longer lend on stories or relationships. They want evidence, accounts and sustainable margins. Any income that cannot be proven is effectively ignored.

Danny also addresses the uncomfortable gap between what owners think their businesses are worth and what the market will actually pay. He explains that Mandens’ role is not to inflate expectations, but to price businesses realistically so they sell, rather than sitting unsold for months.

Confidentiality emerges as another key theme. Unlike open marketplaces that advertise shops publicly, Danny explains that many Mandens sales never reach the website. Deals are often done quietly, matching the right buyer to the right business without unsettling staff or competitors.

Lessons from starting again

One of the most engaging sections of the episode is Danny’s account of starting again in Exmouth with no money. After years of experience, he found himself buying a closed shop purely because it was affordable, despite strong competition just yards away.

He describes cleaning, decorating and fitting out the shop himself, opening in January 2017, only to have the road outside closed the very next day for 22 weeks. It is a moment that captures both the unpredictability of hospitality and the resilience required to survive it.

Rather than portraying this as heroics, Danny presents it as necessity. With a young family and no safety net, failure was not an option. That grounded honesty resonates strongly throughout the episode.

The future of the trade

Looking ahead, Mark challenges Danny to predict what the next two to five years hold for the fish and chip industry. Danny does not sugar-coat the answer. He expects the number of shops to fall, particularly smaller operators struggling with rising costs.

However, he is clear that fish and chips are not going anywhere. He talks about the need to diversify menus, increase average spend, and focus on margin rather than volume. The core product remains part of British culture, but survival will depend on adaptability and sound business thinking.

Why this episode matters

Episode 241 succeeds because it combines story with substance. It speaks directly to owners who are tired, uncertain or quietly wondering what their exit might look like. It also challenges long held assumptions with real world insight, delivered without ego or exaggeration.

Mark Petrou’s hosting allows the conversation to flow naturally, drawing out both the personal and professional lessons without turning the episode into a lecture. Danny Hennessy’s openness, shaped by decades in the trade, gives the discussion credibility that cannot be manufactured.