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Organic cod supplier goes into administration

21st February 2008, 11:10am

The UK’s only supplier of sustainable organic cod has gone into administration according to reports from the Daily Telegraph.

No Catch supplies cod to the likes of Sainsbury's and reports suggest the management failed to keep the company afloat resulting in it being taken into administration.

Employing around 130 people and operating 27 sea farms, No Catch was established in the 1980's.

Back in 2005, equity firm Milestone Capital Partners backed a £22m buyout of the No Catch management.

Co-leading the administration team at Grant Thornton is Daniel Smith and he told the Daily Telegraph: "The start-up funding required had been underestimated... Milestone Capital Partners reached its funding limits and attempts to raise further funding were not successful. Although the company has started to produce sales, the stock of farmed cod is immature currently, limiting turnover."

Words Clare Riley 0 comments

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