Seafood companies sold out of administration, saving nearly 80 jobs

A group of Lancashire seafood companies has been sold out of administration to a Devon fisheries business, saving 78 jobs.

A.M. Seafoods, Kildavanan Seafoods, and B&M Fishing, which are based in Fleetwood, will continue to trade under new ownership following the going-concern sale to companies within the CoombeFish Group together with sister company Peninsula Seafoods.

The Lancashire seafood group specialises in the sourcing and processing of shellfish, including whelk, crab and scallops, and has annual revenues of around £17m.

But the firms had faced sustained cashflow pressures due to the impact of adverse weather on catch volumes and rising operating costs, according to Martyn Rickels and Anthony Collier of FRP Advisory who were appointed as joint administrators on November 5.

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