Fri, 13 Aug 2010 | ADMINISTRATION
Fresh mussels producer Isle of Shuna and its division Demlane Ltd has been taken into administration after suffering from cashflow problems.
The appointed administrators at PricewaterhouseCoopers believe this would be a good purchase for another seafood business.
Graham Frost at PwC said: “Isle of Shuna has grown successfully over the years and is well regarded by customers.”
“The board have…reluctantly concluded that without additional working capital and investment this path is no longer feasible on a standalone basis.”
Founded in 2005, the company harvests, processes and markets fresh mussels from several sites on the coast. In addition, it imports mussels from the Galicia region of Spain when the Scottish season is closed.
It has six employees in Shetland and three on the mainland, all of which have been retained by the administrators who are working to identify a buyer.
Supplying to the retail and catering industries, Isle of Shuna also exports to Belgium where mussels are in popular demand.
Isle of Shuna plc have reported revenues in the region of £1.84 million for its last three entries at Companies House, the most recent being for the year to 30th June 2009.
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