Rockfish’s proposition of fresh local seafood in waterfront locations on the South West’s coastline has “clear defendable territory” according to CEO Mitch Tonks.
The Will Beckett-chaired group has revealed it is near completion on a £3m fundraise, which will help support its pipeline of new openings in 2024.
“Rockfish is a unique brand and there’s nobody else doing what we’re doing,” Tonks tells MCA.
“There’s no other restaurant group in the UK, at scale that has its own fish supply, its own boats and seafood restaurants that are uniquely positioned by the seaside.”
Three new openings in Sidmouth, Topsham and Salcombe utilise prime waterfront locations that “perhaps only suit an operation like ours,” says Tonks.
Rockfish paused expansion plans post-Covid in a period of high inflation and uncertain consumer confidence. “We were flying before Covid, and the growth was incredible,” Tonks recounts.
It took the time to expand the business through the buy-out of its supply lines, alongside setting up an online seafood market and tinned fish business.
“I took a view last year that we would pause because the existing business needed to be protected.
“What we didn’t want to do was to start opening sites, when they were costing more money than they’ve ever cost before.”
However the South West business plans to resume expansion in 2024, growing its estate of restaurants in Devon and Dorset, with a fourth new site currently in legals.
After re-engineering the business, Tonks says, “We have had a really strong bounce back in covers and gross profitability.
“I feel that the environment is good for solid operators, and therefore now is the time to be back on the growth trail.”
The brand will trial a new format in Salcombe, to include an on-site microbrewery.
“It would be the first time that people could come to our destination sites, have a drink in a bar with beer that’s brewed exquisitely there and be able to go to the fish restaurant next door,
“We’ve been in control of the design and the feel, and we hope to roll that out to other locations that we’ve got.”
The brand’s expansion strategy is two-pronged, says Tonks.
“We have to be by fishing activity, and we have to be overlooking the water.”
With 2400 miles of South West coastline up for grabs, the company will employ a clustering strategy.
He adds, “I’m not saying that everywhere could have a Rockfish, but it’s a big white space. We are constantly looking for new sites.
“We’re focusing on those openings, our online retail fish market and the tin fish business is really growing very strongly.”
Tonks is looking forward to a strong summer of trading.
In accounts for year ended 30 April 2023, Rockfish reported turnover of £13.64m (2022: £13.36m), with restaurant EBITDA at £1.94m.
“Trading has been what’s giving us confidence. Our restaurants are incredibly busy even for the time of year that we’re in now, where people are coming to the coast at weekends to enjoy a walk on the beach and enjoy some seafood as part of the experience.
“This winter we are performing as we did pre Covid, so I think that uncertainty has passed.
“We’ve all kind of got used to the fact that it just costs more to go out and therefore it’s possible that we all do less of it.
“But I think the good places will continue to flourish.”
