FishWorks, the West Country and London based fishmonger and restaurant chain, has floated on the AIM stock exchange.
The chain was identified by The Grocer earlier this year as a member of our Ones to Watch list of potential Top 50 independent retailers (The Grocer, February 12).
It intends to use the proceeds from flotation to significantly increase the scale of the business.
During its first day’s trading, shares in FishWorks climbed from 33p to 43.5p. As a result, the company raised £4.4m, which will be used to grow its store numbers from five to 19 over the next three years. Business director Roy Morris said: “We were delighted to find that FishWorks received as warm a response from its investors as it has always done from its customers.”
The first stage of its expansion plans was completed this week following the opening of a FishWorks concession in Harvey Nichols’ flagship store in Knightsbridge.
FishWorks is also preparing to open its next outlet in Islington, north London, and has identified a site.