Great British Farms Limited (SC660566): administration
- Status
- Administration ended
- Administration began
- 2021-02-22
- Administrators
- Donald Iain Mcnaught, Graeme Norman Bain
- Administrators' firm
- Invocas Business Recovery and Insolvency
- Incorporated
- 2020-05-05
- Location
- Glasgow
- Industry
- 03210 Marine aquaculture
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
Following incorporation, the directors of GBP developed an operating model which was considered would allow the commercial production of king prawns and which led to the company leasing land at Claylands Farm, Balfron, on which the premises and the aquaculture system were constructed.
During 2020, GBP identified an additional funding requirement and entered into an agreement with Resonance who agreed to provide a facility of up to £11.2m during 2020 and 2021. The purpose of the additional lending was to support operating costs and commercial production at the Balfron site, and the development of a new production facility in Portland, Dorset. A tranche of £2m was drawn down in September 2020 and as at the date of insolvency, approximately £2.07m was outstanding.
The companies had recently begun supplying King Prawns, on a small scale, on a direct-toconsumer basis; however, the business was impacted by disease amongst the prawn stocks and ultimately a harvest was lost rendering the Companies unable to provide a supply of prawns to the market. The prawn stock had previously been affected by disease and the source of the disease was not known.
Administrators' statement of proposals (2021-04-21) · Companies House register