Falkland Islands-based Fortuna Buys Uk Firm Ocean Fish

Credit: MagicBones/Shutterstock.com.

Falkland Islands-based Fortuna has acquired Ocean Fish Group, marking its foray into nan UK sportfishing sector.

Financial position of nan woody were not disclosed.

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Fortuna is nan quota holder for Loligo and Illex squid, finfish and Patagonian toothfish.

The institution precocious secured exclusive lobster sportfishing authorities successful Tristan da Cunha from 2027.

James Wallace, managing head of Fortuna, said: “This is simply a important acquisition for Fortuna which builds connected our strengths arsenic a company, helps further diversify our business, and provides breathtaking opportunities to realise synergies betwixt nan 2 companies.”

In a connection yesterday (27 November), Ocean Fish said nan acquisition will further support its description .

The institution said nan woody “strengthens” its UK operations and “further extends its world income opportunities done entree to caller products and moving pinch Fortuna to beforehand their ain UK quota type into caller world markets”.

The Cornish sportfishing and processing group supplies awesome UK and European retail, wholesale and foodservice customers.

Formerly majority-owned by nan Lakeman family, Ocean Fish has grown done acquisitions including W Stevenson and Sons successful Newlyn and a associated task pinch Chapman’s of Sevenoaks.

Leigh Genge continues successful his domiciled arsenic nan firm’s CEO and retains his position arsenic a number shareholder.

Genge called nan firms “like-minded” pinch “strong taste and commercialized alignment.”

“The entree to wider Group support arsenic we group astir delivering turnover of £100m by 2030 was a compelling facet for maine successful this consolidation. Our unsocial and vertically integrated proviso concatenation conscionable became overmuch stronger pinch entree to caller world markets, merchandise synergies and a caller type into nan UK.”

The woody comes against a challenging backdrop for UK fisheries.

In October, an Oceana report found half of nan UK’s apical 10 commercialized stocks – including North Sea cod and herring – are “critically low” aliases “overexploited”.

Only 41% of 105 assessed stocks were recovered to beryllium “healthy”, pinch 27% “critically” depleted and 25% “overexploited”.

The NGO warned: “The government’s nonaccomplishment to travel nan subject connected drawback limits and group a clear scheme to extremity overfishing has pushed galore of nan UK’s astir important food populations towards collapse.”

It called for legally binding deadlines and drawback limits to rebuild stocks.