Hans J Marter
14 March, 2008
WORKERS have been laid off at Shetland cod farming business No Catch, which went
into administration at the end of last month.
Administrators Grant Thornton confirmed yesterday (Thursday) that 14 workers at
the No Catch processing plant, in Scalloway, had lost their jobs on Wednesday
bringing the total number of redundancies to 28.
The cod farming pioneers ran out of cash on 20 February with debts amounting to
almost £41 million.
No Catch set out to revolutionise the aquaculture industry and produce 30,000
tonnes of organic cod by 2012 with the help of finance from venture capitalists
Milestone Capital Partners Limited and Icelandic bank Kaupthing, Singer &
Yesterday a spokesman for the joint administrators emphasised that the "business
was still trading" but "reluctantly" they had to restructure the work at the
processing plant and lay off further staff.
Due to the amount of cod in the cages reaching maturity and needing to be
harvested, the Scalloway plant has stopped filleting the fish.
Cod is now just being “de-headed” and then sold on a "wholesale basis to a
series of different parties".
Scalloway councillor Iris Hawkins said she was disappointed to hear of the job
losses which would affect village life.
The move follows 14 redundancies made last week which mainly affected office
The world's first organic cod farm had around 130 employees and operated offices
in at least six locations when it had to call in the administrators.
Grant Thornton yesterday continued to be confident it could sell the business as
a going concern. It is known locally that some of the big players in the world
of aquaculture are interested in the whole or parts of the company.