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No Catch assets sale continues

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Hans J Marter

16 May 2008

AROUND 1.8 million codlings belonging to bankrupt Shetland fish farmer No Catch are to be exported to Norway, administrators Grant Thornton confirmed yesterday (Thursday).

The deal with Villa Cod Farm will however not change the fate of No Catch’s cod hatchery which is due to be closed with the loss of a further 15 jobs.

The export of the juvenile cod to Norway received green light after the county’s ministry of fisheries and coastal affairs overruled an earlier ruling which would have banned the fish from entering the country.

Around 400,000 of the codlings are still being held at the hatchery while 1.4 million are in sea cages in Vidlin Voe.

A spokesman for Grant Thornton said he could not give a value of the deal yet as the finer details of the transaction were still negotiated.

No Catch went into administration with debts of £40 million on 19 February following months of speculations as to the financial health of the company.

Since then Grant Thornton managed to sell most of the company’s assets, including sea sites, barges, shore stations, as well as the grading systems and the sea trout farming businesses.

It is understood that the administrators are now in negotiations to sell 400,000 remaining cod (growing at sea sites) to one wholesaler rather than selling the fish on the market as they mature.

The company is also still looking for a buyer for the No Catch mussel farm.

Most recent update - Thursday, 05 June 2008 09:04
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