JHS Fish Limited (09988775): administration
- Status
- Administration ended
- Administration began
- 2018-02-16
- Administrators' firm
- Begbies Traynor
- Formerly
- FB Grimsby A Limited
- Incorporated
- 2016-02-04
- Location
- Salisbury
- Industry
- 10200 Processing and preserving of fish, crustaceans and molluscs
Why it went into administration
- Funding withdrawn / unable to refinance
- Bad debts / customer insolvency
From the administrators' statement
JHS Fish Limited was incorporated on 31 December 2016 to negotiate with the Administrator of JHS Fishproducts Limited. The business supplied dry fish for markets in Nigeria. The Company had 25 employees and traded from a leasehold property in Grimsby. As stated in our initial appointment letter, it should be noted that we are not aware of whether the Company ever finalised the sale of business and assets with the Administrator of JHS Fishproducts Limited.
The main shareholder of JHS Fish Limited was Svinnur UK Ltd who were also a shareholder of JHS Fishproducts Limited from 2006 to 2011, prior to its entry into administration. Svinnur UK Ltd supposedly have a very good insight and understanding of the industry.
The Nigerian market had been in a sharp recession. However, it was believed that the market was stabilising and with a restructuring of the operation the trade with Nigeria looked promising. Unfortunately, the Nigerian market went into a deeper and longer recession than originally anticipated. The Nigerian market started to improve in late 2017 but the Central Bank of Nigeria continued to enforce currency restrictions leading to difficulties in getting funds out of Nigeria. Despite the director's best efforts to increase the export price, and reduce costs, the Company ran into financial difficulties.
Administrators' statement of proposals (2018-04-06) · Companies House register