Deloittes called in for shock administration of British Seafood Group

The British Seafood Group has been put into administration in a move that has shocked the industry.

The firm's largest UK operation, Five Star Fish in Grimsby, employs some 200 people in the area. The firm is currently undergoing a £7 million expansion and is trading as normal, despite the administration of its parent company. Five Star was keen to stress that it, itself, was not in administration.

Five Star’s founder John Fadden says he is confidence that a buyer will be found for the Grimsby operation: "It is very much a niche operation with a large share of the foodservice market in seafood and in that way quite separate from the rest of the group. I am certain that the administrators will find a new owner for Five Star."

British Seafood purchased Five Star Fish for around £35 million three years ago, and it also has several other operations around the world, including Irish firm Evergreen Foods Ltd and operations in South Korea.

The administration has come as a surprise to many in the industry as British Seafood saw sales increase by £53 million to £255.8 million in 2007 and has been named several times as one of Britain’s fastest growing firms by the Sunday Times.

Deloittes has been named as the administrator for the deal and it said it will be looking to sell it as a going concern.

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