Mitch Tonk’s nine-strong seafood restaurant group Rockfish is planning to expand after gaining more control over its supply chain by purchasing two major suppliers. Highlighted in their annual report, which showed record results, the acquisition of Brixham Seafish and Hillside Foods sees the group “create a unique integrated supply chain based directly on the quayside in Brixham, allowing landings from small scale fishermen, including their own boat “Rockfisher”. These improvements have not only allowed the business to adapt to inflationary pressures but have also enabled it to be the first to drop cod from their menus and replace it with native species as supply chains are devastated by the conflict in Ukraine and resulting sanctions.”
In the financial year ending April 22, Rockfish announced sales of £13m, restaurant EBITDA of £2.9m and group EBITDA of £1.34m. However, they state that what has been most significant is the development of the business “as Mitch and his team have adapted to the challenges of staffing and supply chain, while also developing the restaurant business and moving into other adjacencies.”
The investment and opening of a modern fishmonger in Brixham, Devon, has given Rockfish a platform to allow people anywhere in the UK to buy fresh, ready-to-cook seafood and sauces, dispatched on the day of landing. The first range of British tinned fish was also launched under the Rockfish brand.
Mitch Tonks, Founder and CEO said: “I am extremely proud of what the team have achieved at Rockfish over the last two years. We always set out to create amazing seafood restaurants using produce landed by local boats and small-scale fishermen. 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. 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.”
Will Beckett, Chairman of Rockfish (and Co-Founder and CEO of Hawksmoor) added: “Having known Mitch for years, I’ve heard him talk for many years about ‘changing the way the UK experiences seafood’ and about being a world-class employer. 5 years on from joining as Chairman, I can see firsthand that this is exactly what he and his team are doing. With awards like Restaurateur of the Year at the Cateys, it is also obvious to me that people are noticing what many of us have always known – that a very special business is being built in the South West, and I expect it to develop significantly from this point.”
The group have secured sites in Salcombe, Sidmouth and Topsham which are planned to open in the next 12 months with several other locations under consideration.
