Five Star Fish, a subsidiary of British Seafood Group, has entered administration due to concerns over the financial position of its parent company.
British Seafood’s subsidiaries Bloomsbury International, British Seafood Ltd, British Seafood Holdings and the British Seafood Processing Group were placed in administration last week.
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Administrators Deloitte said that they were undertaking a review of the entire businesses.
It was disclosed yesterday (2 March) that a GBP150m (US$225,6m) hole has been found in the finances of the seafood supplier.
Meanwhile, Grimsby-based Five Star had continued to trade normally but Deloitte confirmed this morning that Five Star will now also be run by the financial group until a buyer is found.
“We believe Five Star is a sound, profitable business, which unfortunately has had to enter administration due in part to concerns over the financial position of the wider British Seafood Group,” Matt Smith, one of Deloitte’s three administrators, said.
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By GlobalDataFive Star, which supplies foodservice and retail customers, operates as a stand alone venture with an independent management team, Deloitte said.
“Our initial focus is on working with employees, customers and suppliers to stabilise the trading activities of the company. We are hopeful that a successful sale of the business as a going concern can be achieved in a relatively short time frame,” Smith added.
British Seafood acquired Five Star for GBP35m in 2007. The company employs 332 people at its processing facility in Grimsby, which last year unveiled a GBP7m expansion project.
