According to the administrators handling Seatek the company is yet to find credible offer for the business. Jason Godefroy, partner at corporate advisory firm MCR, which has been managing the sale of the British Seafood subsidiaries after it went into administration in February, told that the company is still looking for acceptable offers, the stocks are continuing to trade out, but can probably only keep going for another couple of months.
Godefroy informed that London-based Seatek, which is a leading supplier of fish and seafood to the wholesale and catering sectors, turned over about £36m in 2009. He also told that MCR had also failed to find a buyer for Co Kildare-based ethnic food supplier Evergreen Foodservice Ltd, another British Seafood subsidiary it was tasked with selling. He added that unfortunately, they had to close Evergreen because we were not able to find a buyer.
But the rest of the British Seafood business has been successfully sold as a going concern. British Seafood was founded by entrepreneur Mark Holyoake and his brother Laurence in 1995, and the company notched up sales of more than £320m in 2008. After credit insurance was withdrawn the company becomes heavily indebted-firm and its fall started.
