PwC Administrators Save 500 Fishing Jobs
Joint administrators Robert Hebenton, Toby Underwood and Ian Green of PwC have arranged the sale of two fish processing companies, saving over 500 jobs in the north of England.
Rising raw material costs and reductions in activity were behind the decision by Cumbrian Seafood Ltd and Border Laird Ltd to go into administration. Together they employ 574 people at three sites in Durham, Cumbria and Northumberland.
Immediately following their appointment, the administrators confirmed the sale of the business, customer contracts and equipment to a wholly owned subsidiary of Lion Capital, which separately owns Young’s Seafood Ltd, the UK's leading supplier of fish and seafood.
Sean Hamilton, director at PwC in Newcastle, said: ‘The sale means that it remains business as usual for customers and staff. I’m delighted that we have been able to secure a sale of the business, enable the transfer of all employees and preserve the continuity of supply to customers in the run up to Christmas.’