FRP advisory sells Dawnfresh Farming to Mowi Scotland
FRP Advisory, the administrators of Dawnfresh Seafoods, have secured the sale of Dawnfresh Farming to Mowi Scotland, a subsidiary of Bergen-based international seafood farming and processing business Mowi Asa.
As a result of the deal, which is for an undisclosed sum, 67 jobs and seven fish farms and five hatcheries across Scotland and Northern Ireland have been saved and immediately transferred to Mowi including plant, buildings, stock and equipment.
Dawnfresh Farming Limited was a subsidiary company of Dawnfresh Seafoods Limited which went into administration on 28 February 2022. Dawnfresh Farming remained solvent and FRP Advisory continued to trade the business whilst working with FRP Corporate Finance on a campaign to market the farms for sale across the UK and internationally.
The fish farming business had an annual turnover of £20.4m in the financial year to 27 March 2022. The trout produced has been processed and sold to a wide range of retail, wholesale, food service and export clients. Six of the fish farms are based in Central Scotland with the seventh based in Northern Ireland.
Callum Carmichael, partner with FRP Advisory and joint administrator, said: “It is excellent news that Mowi has acquired the fish farms and related assets and that all 67 staff, who have continued to operate the farms throughout the administration, will transfer across to the fast-growing MOWI business.
“I would like to thank the staff for their support during this difficult period and wish Mowi every success with their acquisition and with their plans to develop their business.”
Last year 249 jobs were saved when FRP Advisory secured a sale of the R R Spink & Sons (Arbroath) Ltd subsidiary and its Arbroath facility to Lossie Seafoods Limited when the administration was announced. A further 40 jobs were saved in June after FRP Advisory sold the Dawnfresh Seafoods Ltd fish processing facility in Uddingston to Thistle Seafoods.