|
UP to 15 bids are reported to have been made for the fishing and processing assets of Faroe Seafood, which filed for bankruptcy in December, according to Faroese radio.
Tenders for the business, which is the largest fishing operation in the Faroe Islands, expired at the weekend. Contenders for the company include both home grown bidders and potential suitors from overseas, including the Nordic fishing countries. it will now be up to the Faroese equivalent of the Receivers to sort through the bids and recommend the best one to get the company back on its feet again.
Faroe Seafood filed for bankruptcy after talks with a number of potential investors, planning to take over the business broke down a couple of weeks before Christmas . They are thought to have included Icelandic trawling interests. It was a major blow to the economy of the Faroe Islands which is largely dependent on fishing for employment and export income.
In fact Faroe Seafood is the giant of the Faroese fishing industry, employing more than 800 staff across its factories and vessels. Established around 60 years ago, the company exports more than 35,000 metric tons of produce each year, of which the bulk is the saithe (coley) products that form the basis of its operations, complemented by cod, haddock, and salmon products.
The collapse had ramifications around the European seafood business. It was a major blow for Findus France who bought all its coley from Faroe and has been forced to look for other suppliers. Coley represents around 20 per cent of Findus France's total fish sales.
Footnote: Faroe Seafood UK, based in Grimsby, has continued to trade normally because it is a stand alone business which, because of its connection to the islands, uses the Faroe Seafood name.
Should people be 'stimulated' to eat white fish alternatives to cod?
