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Cumbrian Seafoods goes into administration

Cumbrian Seafood Limited and Border Laird Limited have announced that they are to go into administration.

Citing the rising costs of raw materials, and a fall in activity, administrators at PwC Newcastle also confirmed the sale of the business, customer contracts and equipment to a wholly owned subsidiary, Lion Capital.

Sean Hamilton, director at PwC in Newcastle, said: “The sale means that it remains business as usual for customers and staff. I’m delighted that we have been able to secure a sale of the business, enable the transfer of all employees and preserve the continuity of supply to customers in the run up to Christmas.”

The sale will secure the future of the workforce at 3 sites across the North. The principal processing site in Seaham employs 378 people, while further two sites in Whitehaven and Amble, Northumberland employ 117 and 79 respectively.

Peter Vassallo, Chief Executive of Cumbrian Seafoods, added: “Whilst I recognise that it is a difficult time for all concerned, this transaction is in the best interests of our employees and customers.”

Cumbrian Seafoods was recently listed as one of the UK’s top 250 privately owned companies by the Sunday Times, and in its last published figures reported an annual profit of £3.1 million.

This was posted in Bdaily's Members' News section by Ruth Mitchell .