ANOTHER independently owned Shetland salmon farm has hit financial trouble, it has been reported.
PricewaterhouseCoopers were appointed as receivers last week to Hoove Salmon.
Hoove’s indebtedness is unclear, but it is understood that around £1.3million is owed to two Shetland investment trusts.
Shetland Development Trust, one of two secure creditors, hope to recoup at least some of the £1.187 loan granted three years ago to enable Hoove to buy neighbouring Papil Salmon. In addition, Shetland Aquaculture Trust is owed £105,000.
Bruce Cartwright and Laurie Manson of PricewaterhouseCoopers have confirmed their intention to grow around 500,000 salmon and 50,000 cod to maximise returns.
Hoove employs five people and it is expected they will stay at work meantime to carry out essential work on the farm sites
The company is owned by brothers Angus, Callum and Gavin Grains.
The company and its managing director Angus Grains were major players in Shetland Salmon Group co-operative and its trading company SSG Seafoods which collapsed at the end of 2003 with the loss of around £7million to local commuinity investment funds.
Since the end of 2003, more than 10 salmon farming businesses including hatcheries and processing companies have gone out of business in Shetland resulting in the loss of 250 jobs.
www.fishupdate.com is published by Special Publications. Special Publications also publish European Fish Trader, Fishing Monthly, Fish Farming Today, Fish Farmer, the Fish Industry Yearbook, the Scottish Seafood Processors Federation Diary, the Fish Farmer Handbook and a range of wallplanners.
Should fisheries be closed during breeding time to allow stocks to reach more sustainable levels?
