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Jobs at risk as Seafood company goes into administration

Fish processing and import business Aquila has gone into administration, blaming the weakness of the pound following the Brexit decision for its troubles.

Administrators from KPMG, Howard Smith and Jonny Marston, were appointed to the Grimsby-based Aquila Processing business on 4 April.

The company is now up for sale with the joint administrators looking for a suitable buyer to save 37 jobs at the firm.
Aquila packs imported frozen fish and Quorn from its Grimsby site and was established in 2007 as an importer for fish and chip shop suppliers.

Since then it has grown to supply the food industry in general, including supermarkets.

The weakened value of the pound as a result of Brexit was blamed for causing financial pressures on the business. It was also affected by the withdrawal of duty relief on its imports.

Howard Smith, associate partner at KPMG and joint administrator, said: “Any business that is reliant on imports will have faced challenges in recent months as the weakness of sterling takes its toll on margins.

“We continue to maintain operations at Aquila Processing while exploring options. We would encourage anyone interested in buying the business, and its assets, should get in touch immediately.”

Source: www.thebusinessdesk.com - 12 April 2017