Fri, 08 Nov 2024 | BUSINESS SALE
A Grimsby-based seafood wholesaler has been bought out of administration in a pre-pack deal saving over 30 jobs.
D&A Seafood Solutions, founded in 2015, operates from a site in Grimsby Fish Docks, Lincolnshire and is a supplier of fish and seafood to retailers, restaurants, hotels and caterers from its British Retail Consortium (BRC) accredited site.
According to its most recent accounts it reported turnover of about £4.5 million in the 2023 financial year. In the year ending December 31, 2022 it had current assets of £1.3 million but creditor amounts due within one year of £1.9 million.
According to administrators Qauntuma, D&A Seafoods entered into a Company Voluntary Arrangement in April this year, however it was ultimately not viable and failed. Another solution was then required for the company and creditors, which led to the company subsequently entering into administration.
Quantuma managing directors Sean Bucknall and Elias Paourou were appointed as joint administrators of D&A Seafood Solutions on 31 October 2024.
They have successfully completed the sale of the business and assets to 50-year-old Grimsby-based company Ramus (Grimsby) Ltd. It is a supplier of fresh fish and seafood, as well as frozen, and is also BRC accredited. In addition it has a ready meals kitchen range. sells seafood platters for dinner parties and has an online shop.
Seafood sales have come under pressure in recent years in the UK hit by rising prices as a result of higher inflation and supply chain issues as well as consumer concerns around the environment and declining fish stocks. A recent report found that seafood consumption in the UK has seen significant declines with a 22% drop from 2006 to 2022.
However, many other consumers see it as a vital component in developing healthier lifestyles given the link between oily fish and improved heart health.
Quantuma said the sale provides clarity and job security for all 32 members of staff. It said that Ramus has taken on the D&A Seafood Solutions site and all employees were transferred under TUPE regulations.
Find out more about pre-pack administration deals
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