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Sale saves 500 Scot Trout jobs 23 June, 2008 -
Blair Nimmo and Tony Friar of KPMG were appointed joint administrators to Bellshill based fish companies, Scot Trout Limited and Scot Trout Farming Limited on June 13 after the company’s directors had arranged for the appointment documentation to be presented to the Court of Session. The Scot Trout group comprises fish processing facilities at Bellshill, together with fish farming via Scot Trout Farming Limited, smoked fish via Arbroath based subsidiary, R.R. Spinks & Son (Arbroath) Limited, and fish marinades, most notably roll mop herring via Grantown On Spey based, Daniel’s Sweet Herring Limited. The group recorded a turnover of £43m for the year to 31 October 2007. Tough trading conditions in the fish processing sector have resulted in the business encountering problems and the directors ultimately had no option but to place the companies into administration. Following the appointment to Scot Trout Limited, the joint administrators were able to conclude a quick sale of the business and principal assets of Scot Trout Limited to STT Realisations Limited, a subsidiary of Dawnfresh Seafoods Limited for an undisclosed sum. The sale included the operations at Bellshill together with the entire share capital of Spinks and Daniels in a deal which saved all 490 jobs within the group. Spinks and Daniels are unaffected by the administration appointment and will continue to trade as normal. Blair Nimmo, joint administrator and head of restructuring for KPMG in Scotland said: “We have been pleased to be able to conclude a quick sale of Scot Trout Limited, which will secure all 490 jobs within the group. The sale will also ensure that existing customers and suppliers will continue to be serviced as normal." The other subsidiary of the group, Scot Trout Farming Limited, has also been placed into administration. The joint administrators effected a sale of its assets at 25 farms, mainly based in Scotland (two are in Northern Ireland and one is in England), to STF Realisations Ltd, a subsidiary of Dawnfresh Seafoods Ltd, on Friday, June 20.
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