20 February 2008

MORE THAN one hundred jobs are on the line in Shetland, at the company No-Catch, after the world’s first organic cod farm has gone into administration this morning.

Administrators Daniel Smith and Robert Caven, partners in the corporate recovery firm Grant Thornton, have been appointed joint administrators and are said to move in to the company’s headquarters at Vidlin, this morning (Wednesday).

The company grabbed worldwide headlines four years ago when they successfully launched their pioneering product, said to be sustainable and a revolution in the aquaculture industry.

But towards the end of last year speculations intensified that the company was in financial trouble.

At the time managing director Karol Rzepkowski vehemently rejected any such speculations calling them “malicious” and declared the company was in a period of re-financing.

Yesterday, administrators confirmed that they were in discussions with a number of potential buyers.

Local investment firm Shetland Development Trust also has a £1.1 million pound investment in the firm.

Full story later