Fish firm sinks as all staff made redundant

All staff have been made redundant at a fish processing specialist after it sank into administration.

Jamie Miller and Gareth Harris of RSM UK Restructuring Advisory were appointed joint administrators of Grimsby-based fish processing specialist Arctic Fish Products on 4 December.

Founded in 2005, Arctic Fish Products operated successfully in Grimsby for many years processing, packing and storing fish for a “strong” customer base.

RSM UK was appointed administrator after the company experienced “significant” cash flow difficulties due to material bad debts with key customers, along with the related impact on future trading prospects.

This led to the company’s directors consulting RSM UK for advice.

However, says RSM, the cash flow position was irrecoverable and the company was placed into administration on 4 December. The company ceased trading and staff were made redundant shortly prior to the administrators were appointed

Miller said: “It’s a very unfortunate time for the business and its employees but the recent sudden loss of turnover left the company with no option other than to effect an insolvency process. We are assisting employees to ensure that they recover their entitlements in respect of any arrears of salary, holiday pay, pay in lieu of notice and redundancy.

“We are also working closely with the directors and other stakeholders in order to realise the company’s assets for the maximum amount possible. This includes the company’s desirable trading premises and plant and machinery, with interested parties advised to make contact with us as soon as possible. We are hopeful of securing a material return to the Company’s creditors.”

In its latest available accounts, made up to May 31, Arctic Fish Products employed 14 people.