Mon, 23 Oct 2023 | BUSINESS SALE
Seafood co-operative Orkney Fisherman’s Society has been acquired out of administration by PDK Shellfish subsidiary Orkney Crab. Orkney Fisherman’s Society was founded in 1953 and processes crab for UK and international retail markets, as well as trading lobsters and whelks for local and export customers and selling a wide variety of seafood at an on-site shop.
The co-operative operates from a processing facility in Stromness and is one of the largest brown crab producers in the UK. However, it has been under pressure for some time as a result of an array of headwinds including the impact of Brexit on recruitment, the COVID-19 pandemic, supply chain issues, rising purchase prices and a shortage of crab in 2018 resulting from adverse weather.
These issues led to “unsustainable cash flow problems”, while efforts by directors to restructure the business and seek additional funding proved unsuccessful, resulting in the appointment of Michelle Elliot and Callum Carmichael of FRP Advisory as joint administrators.
The joint administrators subsequently secured a sale of the business and its assets to Orkney Crab. The deal saves all 55 jobs at the co-operative, which will continue to operate from its existing premises following the acquisition. The buyer has said that it will be “business as usual” for the company and added that it intends to invest in the business and its products.
FRP Advisory partner and joint administrator Michelle Elliot commented: “Orkney Fishermen’s Society is one of the UK’s oldest seafood co-operatives with a long history of supplying high quality seafood to customers across the UK and beyond. We are delighted to have secured a sale of the business to Orkney Crab and wish the new owners every success with their new venture. We are particularly pleased to have secured the transfer of all 55 staff.”
PDK Shellfish MD Paul Knight added: “Orkney Fishermen’s Society has an outstanding reputation for the quality of seafood harvested and processed by its fishermen and staff. It will be a case of ‘business as usual’ and we also have plans to invest in the company and the products and provide services to local fishermen as we look to re-establish the business.”
Find out more about the factors influencing M&A in the UK's seafood industry
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