Only a few months ago it was announced that Norwegian fishmeal and fish oil producer would increase its stake in Shetland Catch to a 75% holding, and now the owners of Shetland Catch have stated that a deal has been done to secure the company’s future.
The company’s administration and operations in Shetland are being merged with with Pelagia’s Bergen headquarters and Shetland Catch states that the new arrangements will provide a platform to reinvigorate the Shetland factory’s full potential.
According to a statement by the company, short operational seasons and prevailing international market conditions for recent winter mackerel are particular challenges faced by Shetland Catch.
‘It has become necessary to restructure the company and this has started with a new board of four non-executive directors – two from Pelagia and one each from the Shetland owners, Shetland Fish Producers Organisation and Lerwick Port Authority,’ Shetland Catch stated, adding that in addition to the structural changes now underway and with the Shetland operation becoming part of the larger pelagic company’s operations, the Shetland Catch will change to Pelagia Shetland Limited.
Investment is going into the plant at Lerwick over the coming months with roe extraction equipment to be ready for the summer herring season starting in July.
This is intended to build on the past positive herring season with plentiful fish stocks in the area.
‘This integration between the two companies enables Shetland Catch to realise its full potential as one of Europe’s largest pelagic processing plants,’ said outgoing chairman John Goodlad.
‘Having been a founder of Shetland Catch and chairing the board for the past eleven years, I believe that this is the right time for me to step down and I wish the company every success for the future.’