Fish processing specialist Arctic Fish Products has ceased trading and fallen into administration.
Jamie Miller and Gareth Harris of RSM UK Restructuring Advisory LLP were appointed Joint Administrators of the business on 4 December.
Founded in 2005, Arctic Fish Products Limited operated successfully in Grimsby for many years processing, packing and storing fish for a strong customer base.
Administrators were appointed 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 to address these cash flow difficulties and to protect the company’s assets for the benefit of all creditors.
Unfortunately, the cash flow position was irrecoverable and the company was placed into administration. The company ceased trading and staff were made redundant shortly prior to the administration appointment.
Jamie Miller, RSM UK Restructuring Advisory Partner and Joint Administrator, 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.”
