Key Grimsby seafood business saved

A Grimsby seafood business and with it more than 30 jobs have been saved following a financial rescue mission.

The company, D&A Seafood Solutions Ltd, which had an annual turnover of around £4.5m, has been brought out of administration and taken over by another Grimsby seafood business, Ramus (Grimsby) Ltd.

D&A which is almost a decade old, supplies a wide range of both farmed and wild caught fish to retailers, restaurants and hotels. Its site is also British Retail Consortium (BRC) accredited.

It was placed into a company voluntary arrangement (CVA) in April but that move was ultimately unsuccessful, so it subsequently entered administration.

However, the business advisory firm Quantuma was able to secure the future of D&A Seafood Solutions with a sale to Ramus (Grimsby) Ltd, through a “prepack” arrangement in which the terms of the sale were agreed prior to the formal insolvency proceedings.

Ramus has an even more extensive range of seafood including salmon and has developed its own specialist fish label products.

Quantuma Managing Directors Sean Bucknall and Elias Paourou were appointed as joint administrators of D&A Seafood Solutions at the end of last month and completed the sale of the business and assets shortly afterwards.

It has been a difficult year for the UK seafood sector with rising fish prices and production costs.

The administrators said the sale will provide clarity and job security for 32 members of staff. The purchaser has taken on the D&A Seafood Solutions site in Grimsby and all employees were transferred to Ramus under TUPE regulations.