With a long background in fisheries in the Southern Ocean as the largest Falklands squid and toothfish quota holder and provider of maritime services, Fortuna is entering the UK fishing sector as the new owner of Cornish fishing and processing group Ocean Fish.
The move is seen as positive for both the Ocean Fish Group and the broader industry in Cornwall, supporting expansion and development of the Cornish fishing and processing.
‘This is a significant acquisition for Fortuna which builds on our strengths as a company, helps further diversify our business, and provides exciting opportunities to realise synergies between the two companies,’ said Fortuna Ltd’s managing director James Wallace.
Previously owned by the Lakeman family with generations in the fishing business behind them, Ocean Fish established itself as a leading supplier to wholesale, foodservice and retail customers in the UK and Europe, in addition to the key acquisition of W Stevenson & Sons in Newlyn and a recent joint venture with Chapman’s of Sevenoaks.
Based in the Falkland Islands, the Fortuna Group is largest fishing company in the British Overseas Territories, operating factory trawlers and longline vessels as the leading holder of fishing rights for Loligo and Ilex squid, finfish and Patagonian toothfish. It has secured exclusive rights to the lobster concession in the Tristan da Cunha archipelago from 2027, as well as providing the island’s cargo and passenger services.
The group provides coastal shipping services, retail outlets, a fish processing plant and a property portfolio in the Falkland Islands, as well as investing in potential future industries. Last year Fortuna acquired Holyhead Towing Ltd in Anglesey, operating a fleet of 15 modern and versatile vessels used in support of energy, marine civil engineering, dredging and renewable energy projects around the world.
‘Ocean Fish Group is unique in its vertical integration, and we are very excited to be involved in the future of the company and help to deliver its impressive plan for growth. I am delighted to welcome them into the Fortuna Group, and to build on the legacy of the Lakeman family,’ James Wallace said, commenting that Fortuna are fully committed to supporting the business to grow and reach its full potential – aiming to capitalise on the foundations created by Ocean Fish with its consolidated supply chain.
‘This new partnership is the joining of two like-minded businesses with strong cultural and commercial alignment. The access to wider Group support as we set about delivering turnover of £100m by 2030 was a compelling factor for me in this consolidation. Our unique and vertically integrated supply chain just became much stronger with access to new global markets, product synergies and a new species into the UK,’ said Leigh Genge, who remains as a minority shareholder as well as the continuing Chief Executive for the UK Group.
‘I would like to thank James Wallace, the Fortuna Group managing director, and the wider Fortuna board who believed in and share my ambitions for the Group. I would also like to thank Andrew and Edward Lakeman for their unwavering support and friendship over the past few decades. I think we can all be exceptionally proud of the success we have achieved with Ocean Fish, and I know that The Lakeman family heritage is in safe hands.’
