Norway Pelagic announces increases investment in Shetland Catch – Fishupdate.com

Norway Pelagic announces increases investment in Shetland Catch Published:  10 December, 2012

Shetland Catch investor Norway Pelagic has announced that it will increase its investment in the Shetland-based pelagic processor by £3 million, raising its shareholding from 25 to 50 per cent.

Chairman of Shetland Catch, John Goodlad, said: “We are delighted that Norway Pelagic has chosen to make such a substantial investment in Shetland Catch.  This investment reflects a wider confidence in the pelagic industry at the moment. It also recognises the huge potential which Shetland Catch has to develop its business.’’

Shetland Catch managing director, Simon Leiper, said: “This is very good news for Shetland Catch. While we will continue to operate independently, we very much look forward to working with our partners in Norway and planning for the future with confidence.”

Tor Vikenes, CEO of Norway Pelagic said: “We have increased our stake in Shetland Catch because of its excellent strategic location, especially in relation to the attractive mackerel and North Sea herring fisheries. Shetland Catch has an experienced management team and we look forward to working with our partners in Shetland.”

Norway Pelagic made its initial investment of £1.533 million in Shetland Catch in 2007.