Thu, 12 Dec 2024 | ADMINISTRATION
Grimsby-based Arctic Fish Products has plunged into administration.
The fish processing specialist, founded in 2005, ceased trading and called in administrators after experiencing a sudden loss of turnover.
Jamie Miller and Gareth Harris of RSM UK Restructuring Advisory LLP were appointed joint administrators on 4 December 2024.
The group had operated successfully for many years processing, packing and storing fish for a strong customer base. However, it is understood that it recently experienced significant cash flow difficulties due to material bad debts with key customers.
According to its most recent set of accounts to the year ending May 31, 2024 the company had net current assets of £25,570, down from £40,272 the previous year. Creditors amounts falling due within one year came to £88,876.
This led to the directors getting in touch with RSM UK for advice to address these cash flow difficulties and to protect the company's assets for the benefit of all creditors.
However, the cash flow position was irrecoverable. The company ceased trading, and staff were made redundant shortly prior to the administration appointment.
Again, according to the most recent accounts the company had an average headcount of 14 people during the year.
Miller, RSM UK Restructuring Advisory partner, said: "It's a very unfortunate time for the business and its employees but the recent sudden loss of turnover left the company with no option other than to effect an insolvency process. We are assisting employees to ensure that they recover their entitlements in respect of any arrears of salary, holiday pay, pay in lieu of notice and redundancy.”
He added that RSM was also working closely with the directors and other stakeholders in order to realise the company's assets for the maximum amount possible.
“This includes the company's desirable trading premises and plant and machinery, with interested parties advised to make contact with us as soon as possible. We are hopeful of securing a material return to the company's creditors,” he said.
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