Seafood chain Rockfish is planning to open three new restaurants over the next year after reeling in record sales of £13m.
Celebrity chef and restaurateur Mitch Tonks’ business told BusinessLive it had secured sites in Salcombe, Sidmouth and Topsham, all in south Devon, with “a number of other locations” also under consideration.
It comes after the company’s existing portfolio of nine South West eateries made earnings before interest, tax, depreciation, and amortisation (EBITDA) - a measure of profitability - of £2.9m in its last financial year (ending April 22), with group EBITDA of £1.34m.
Rockfish said it had moved back into “growth mode” after making “sweeping changes" to its operations. The firm has acquired two of its major suppliers - Brixham Seafish and Hillside Foods - creating a supply chain based directly on Brixham quayside.
Rockfish said the move had allowed the business to adapt to inflationary pressures and enabled it to replace cod on its menus with native species, as supply chains were impacted by the war in Ukraine and resulting sanctions.
It has also opened a fishmongers in Brixham, enabling it to dispatch its products to customers across the UK, while it has launched the world's first range of tinned British-caught seafood.
Mr Tonks, the company’s founder and chief executive, said he was “extremely proud” of Rockfish’s achievements over the last two years.
“Covid allowed us the space to think differently, build a better business and focus on culture and our clear mission to be the leading sustainable seafood restaurant business in the UK," he said.
“Whilst the industry faces multiple challenges in terms of inflation and staffing, I believe the investments made this year in our supply chain and our people gives us a clear competitive advantage that will allow us to build a more significant business over the next few years.”
The company has also seen some changes to its management team, with David Durban replacing David Strauss as restaurant director and Torie Dieppe taking over from Laura Cowan as director of communications.
Rockfish chairman Will Beckett, who is also the co-founder and chief executive of the national steakhouse and cocktail bar chain Hawksmoor, said Mr Tonks was building “a very special business” in the South West, adding he expected Rockfish to “develop significantly from this point”.
Rockfish’s planned new opening in Salcombe will be its second restaurant in the South hams resort town. It also has sites in Brixham, Dartmouth, Exeter, Exmouth, Plymouth, Torquay, as well as Poole and Weymouth in Dorset.
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