Norway Pelagic's plant in Liavag. (Photo: Norway Pelagic)

Norway Pelagic increases ownership in Shetland Catch

Norway Pelagic ASA has increased its ownership in Shetland Catch Ltd from 25 per cent to 50 per cent through a share issue of GBP 3 million (EUR 3.71 million), valuing Shetland Catch at GBP 12 million (EUR 14.9 million). Norway Pelagic made its initial investment of GBP 1.53 million (EUR 1.9 million) in 2007.

The news comes five months after the Scottish company was hit by a GBP 1.5 million (EUR 1.86 million) confiscation order over a black fish scam. The company also had to pay a GBP 150,000 (EUR 186,000) fine after previously pleading guilty to assisting vessel skippers in making undeclared landings, reports Herald Scotland.

Chairman John Goodlad, said the investment in his company reflects a wider confidence in the industry and recognises the potential the company has to develop its business.

The company claims to operate the largest pelagic factory of its kind in Europe, which has a production capacity of 1000 tonnes per day. Much of its revenue is earned in export markets such as Russia, and it provides work for around 100 people.

Norway Pelagic chief executive, Tor Vikenes said: "We have increased our stake in Shetland Catch because of its excellent strategic location, especially in relation to the attractive mackerel and North Sea herring fisheries. Shetland Catch has an experienced management team and we look forward to working with our partners."

Between 2002 and 2005 Shetland Catch was found guilty of helping vessel skippers who falsely declared the quantity of fish they landed in order to evade annual fishing quotas. The skippers and another processing firm made illegal herring and mackerel landings in the value of tens of millions of pounds.

The latest filed accounts for Shetland Catch show that the company has increased pre-tax profits to GBP 5.6 million (EUR 6.95 million) in the year to 31 March 2011, up from GBP 2.2 million (EUR 2.73 million) in the preceding year.

Norway Pelagic has said that it is pleased to have increased ownership to 50 per cent and look forward to continued efforts to develop the company in co-operation with the partners in Shetland Catch Ltd, which will continue as an associated company. 

Related article:

- Shetland Catch resists confiscation over fish scam

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Address:	Keiser Wilhemls gate 23b - P.O. Box 790
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