Fishworks has solds its fish supply business for £1.1m. The restaurant group, which is restructuring its business, said it had also disposed of the Parsons Green premises of Channel Fisheries Limited for a premium of £100,000. Fishworks said the sale of Channel Fisheries would allow it to focuse on its restaurants and the proceeds will be received in the form of debt forgiveness and improved discounts against future purchases. Channel Fisheries was sold of for a total consideration of up to £1.1 million comprising of £150,000 cash, £406,500 of deferred consideration and an earnout of £556,000. Profit before tax was £89,292 for Channel Fisheries for the year ending 31st July 2008. Net assets stood at £467,564 for the corresponding period, added the company. Paul Goodale, chief executive of FishWorks, said: "The sale of Channel Fisheries and the disposal of Parsons Green reflect the strategy previously outlined in the interim results and enables FishWorks to focus on the business of running larger scale restaurants. “Fishworks has agreed a supply relationship with the new owners of Channel to ensure the continued provision of premium fresh fish, sourced from sustainable stocks with the highest level of provenance as always associated with Channel Fisheries." Earlier this year Fishworks disposed of its site in Clapham, as part of its ongoing restructuring programme. The company sold the restaurant on London’s Northcote Road in line with previously announced plans to dispose of “underperforming, non-core sites”. The group, which also sold its Notting Hill outlet in June, said that it was in negotiations to dispose of one further London site.

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