Faroe Seafood back In Business – Fishupdate.com

Faroe Seafood back In Business Published:  29 March, 2011

FAROE Seafood is back in business. The administrators and a number of former managers with the old company have signed a contract to purchase Faroe UK, based in Grimsby, Faroe France SA and the Faroe brand along with the name of Faroe Seafood.

The new owners are Poul Klein, Simon P. Jacobsen, Meinhard Jacobsen and Erlendur Johannessen. They have said that Faroe Seafood will continue in the same areas where the business has had its core operations over the last years. In fact, some of the managers are visiting the Faroe Seafood UK base in Grimsby tomorrow and a further statement as to future plans may be issued later this week.

The deal ends a long running saga which began before Christmas when the parent company in the Faroe Islands went into administration after talks to buy the business failed to reach agreement.

Faroe Seafood UK said at the time that it would continue to trade normally because it was, to a large extent, a stand-alone organisation which used the Faroe Seafood name.

The Grimsby operation is essentially a trading operation which buys fish from all over the world, and then sells it onto various sectors such as retail, catering and food service.

Then in February a consortium led by the powerful Icelandic fishing company Samherji won the contest to buy the assets of the parent company in the Faroe islands, which included six modern trawlers and four fish processing plants.

Faroe Seafood was established more than 60 years ago and owned a fleet of state-of-the-art fishing vessels along with modern processing facilities. It was also a member of the Federation of European Aquaculture Producers, the Faroe Fish Farmers Association.