Seafood Products Limited (02168917): administration
- Status
- Administration ended
- Administration began
- 2024-03-11
- Formerly
- Skala Seafood Company Limited; Anglo PP Trading Co Ltd; Skaarfish Limited; Skaarfish U.K. Limited; Sinord 2 Limited
- Incorporated
- 1987-09-24
- Location
- Chatham
- Industry
- 46380 Wholesale of other food, including fish, crustaceans and molluscs
Why it went into administration
- Bad debts / customer insolvency
- COVID-19
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
2.1. Seafood Products Limited (‘Company’ or ‘SFP’) was incorporated on 24 September 1987 and, most recently, was controlled by Harald Skaar and Botholf Stolt-Nielson (the ‘Directors’ or ‘Board’). The issued share capital is held by Harald Skaar (40%), Ocean Supreme As (50%) and Ocean Supreme Holding AS (10%) (‘shareholders’ or ‘members’).
2.2. Historically, the Company reported profitable trade as a wholesaler of salmon and fish products, under the control of its current managing director Harold Skaar, operating from leasehold office premises in Farnham, Surrey and, until shortly before administration, utilising fish processing facilities provided by Saltire Salmon Limited, a third party business in Grimsby (“Saltire”). The business had use of an invoice financing facility provided by its shareholder, Ocean Supreme AS.
2.3. The Company built up a strong reputation over the years and its client base comprised several high profile and ‘blue chip’ businesses in the hospitality and food industries. This is reflected in trading results, with pre-pandemic turnover of £15m (for the y/e April 2018) and £15.2m (y/e April 20219) resulting in net profit (after tax) of £393k and £155k, respectively. More recent trading results are summarised below:
Administrators' statement of proposals (2024-05-04) · Companies House register