75 jobs go as Lincs fish firm collapses
Some 75 people have been made redundant at Fishgate, a Lincolnshire processor of fish-based prepared meals, after the firm was placed into the hands of joint administrators Andrew Mackenzie and Lee Lockwood of Begbies Traynor in Hull.
Based in Binbook near Market Rasen, the company processed fish-based meals for food manufacturers supplying major UK retailers.
Fishgate was placed into administration on December 29, 2016 with the recently loss-making company having closed its doors on December 21, 2016. All 75 employees and agency based staff were made redundant prior to the administration.
The company had suffered from cash flow problems due to fluctuating fish prices over the last year which made the business unviable.
“Unfortunately, Fishgate was a victim of a highly volatile fish market with the rising price of raw materials putting pressure on margins and leading to the failure of the business,” said Andrew Mackenzie, joint administrator.
He added: “It is sad to see the loss of so many jobs, but Fishgate was simply not viable as a going concern. We are currently assessing its assets in terms of stock, equipment and freehold premises, which include a full fish processing unit and cold stores, as we attempt to realise the best possible return for creditors.”