Wed, 02 Mar 2022 | ADMINISTRATION
Administrators from FRP are seeking a buyer for Scottish seafood business Dawnfresh Farming, following the collapse of its parent company. Dawnfresh Seafoods and RR Spink & Sons (Arbroath), among the UK’s biggest producers and processors of seafood, fell into administration as a result of issues including cash flow problems and rising costs.
The administrators have secured the sale of RR Spink & Sons, which operates from a facility in Arbroath, to Lossie Seafoods, part of the Associated Seafoods Limited group. However, the company’s loss-making Uddingston facility has been closed with immediate effect.
Administrators will now market assets from the Uddingston site, including land, buildings and plant, for sale and wind up the facility. Subsidiary Dawnfresh Farming will continue to trade solvently while FRP seek a buyer and look to realise value from remaining assets.
The business was founded in 1973 and headquartered at the Uddingston site. In addition to its production and processing facilities at Arbroath and Uddingston, the company operates seven farms throughout Northern Ireland and Scotland. It offers a range of services, including fish processing and supply, to clients in retail, food service, wholesale and the export market. The company also produces branded products, including Loch Etive and RR Spink.
The business has undertaken significant investment in its plant and systems over recent years, as it sought to reduce costs and improve efficiency. However, it has struggled due to rising costs, unsustainable cash flow issues and overcapacity at the Uddingston facility, ultimately leading to the company entering administration.
FRP Advisory partners Tom MacLennan, Callum Carmichael and Michelle Elliot were appointed as joint administrators. Carmichael commented: “Dawnfresh is a high profile and highly regarded seafood business with a long tradition of supplying innovative products to a blue-chip customer base.”
“Unfortunately, the business has been unable to overcome very serious financial problems at the Uddingston facility, but we are pleased to have secured a prompt sale of the Arbroath facility in a deal that will also preserve substantial employment in the town.”
“Our focus is now on finding a buyer for the farming business whilst also realising as much value as possible from the other assets for the benefit of creditors.”
View the latest distressed UK businesses here.
A very well presented pub with the advantage of having nine letting rooms and it is much larger than you first think; the original pub having been sympathetically extended into several cottages and having a large extension added too.
FREEHOLD
This is a central location Lytham’s restaurant within a superbly appointed and fully equipped purpose-built premises.
LEASEHOLD
One of Bristol’s most iconic bars, fantastic location, outstanding business, generating high profits in the city centre. Frequently rated as the best city in Britain in which to live, very popular tourist destination attracting over nine million visi...
LEASEHOLD
01
|
Apr
|
Law firms merge to create regional powerhouse | MERGER
A Lincolnshire and Yorkshire law firm have announced they ar...
01
|
Apr
|
Jackson Jackpot falls into administration | ADMINISTRATION
Online competition business Jackson Jackpot Ltd has gone int...
01
|
Apr
|
UK administrations: March 26 – April 1 | ADMINISTRATION
Since our last update, the following businesses have been co...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.