FRP Advisory fees for Dawnfresh Seafoods administration revealed
The interim fees and expenses for FRP Advisory, the administrators of Dawnfresh Seafoods Ltd, have been revealed by a new Companies House filing.
The document has revealed the administrators are authorised to draw an interim fee of £739,078.25 plus value-added tax for their time between February 28 and April 8.
Scottish Financial News previously reported that Tom MacLennan, Callum Carmichael and Michelle Elliot, partners with FRP Advisory, were appointed joint administrators of the firm, which is one of the UK’s largest producers and processors of fish and seafood, at the beginning of March this year.
Founded in 1973 and headquartered in Uddingston, near Glasgow, the business operates seven fish farms across Northern Ireland and Scotland with production and processing facilities in Uddingston and Arbroath.
In recent years the business has benefited from extensive investment to upgrade the plant and systems, improve efficiency and reduce costs. However, despite best efforts to effect a turnaround, the business continued to suffer from rising costs, overcapacity at the Uddingston site and unsustainable cash flow problems, with administration being the only option.
Two hundred jobs were lost when the firm went into administration, which was followed by the immediate closure of the fish processing plant in Uddingston.