​Rockfish's Bold Move: £3m Fundraiser Following Tough Year

​Rockfish's Bold Move: £3m Fundraiser Following Tough Year

Posted by Emily on 23rd Jan 2024

Rockfish, led by Mitch Tonks, is embarking on a £3m fundraising initiative to fuel its expansion despite experiencing a challenging year. This move aligns with the seafood group's ambitions to open three new restaurants in Salcombe, Sidmouth, and Topsham, as announced in July 2022.

The latest financial figures for the year ending 30 April 2023 highlight a turnover increase to £13.6m from the previous year's £13.4m. However, the group's EBITDA significantly decreased from £993,000 to £84,000. This decline is attributed to rising costs in food, wages, energy, and successive base rate hikes. Furthermore, Rockfish reported a loss before tax of £876,000, a stark contrast to the nearly £156,000 profit from the year prior.

Despite these financial hurdles, Rockfish is progressing with its expansion plans. The company is finalising legalities for a fourth beachfront location and completing its £3m fundraising effort, drawing support from existing shareholders and institutional investors.

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Mitch Tonks, Rockfish's founder and CEO, commented on the past year's challenges, especially with inflation, but expressed pride in the company's resilience. He remains optimistic about Rockfish's future, citing the strength of the brand and its unique offerings. Tonks anticipates growth in sales, profitability, and estate in the upcoming year, fueled by new openings and supply chain advantages.

Will Beckett, Rockfish's chairman and CEO of Hawksmoor, echoes this sentiment. He recognises Rockfish as a standout in the hospitality industry, commending its focus on customer experience, quality sourcing, and innovating the UK's seafood experience, even amidst post-Covid challenges.

As Rockfish navigates through these turbulent times with a strategic expansion plan, we invite our readers to share their thoughts and insights on this bold move. Please leave your comments below.

All photos and copyright below to https://therockfish.co.uk/

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