The Blue Sea Food Company Limited (04741730): administration
- Status
- Administration ended
- Administration began
- 2024-08-05
- Administrators
- Simon Stibbons, William Innes
- Administrators' firm
- Kroll
- Formerly
- BLU C Limited; Sierranova Limited
- Incorporated
- 2003-04-23
- Location
- Birmingham
- Industry
- 10200 Processing and preserving of fish, crustaceans and molluscs
Why it went into administration
- COVID-19
- Weak consumer demand
- HMRC / tax arrears
- Competition / price pressure
- Rising costs / inflation
- Brexit
From the administrators' statement
Kroll was formally engaged on 9 July 2024 to provide a review of the short-term cash flow forecast, monitor daily and weekly cash requirements, monitoring critical payments and subsequent facility drawdowns and to report on the high-level potential options available to the Company and HSBC UK Bank.
The key option discussed was the sale of the business on an accelerated timescale. Kroll was therefore also engaged on 10 July 2024 by the Directors to seek new equity into the Company or a sale of the Company’s business to either a trade or financial buyer on a solvent and insolvent basis.
Further detailed information on the events leading to the Administration is detailed in Section 4. Appointment
Administrators' statement of proposals (2024-09-30) · Companies House register