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Jobs to go as Cod Hatchery Closes

by Ellen Hardy
13 May 2008, at 1:00am

UK - The collapse of Shetland cod farming pioneers No Catch will cost 15 highly skilled, fish rearing specialists their jobs when the company's hatchery, at Sandwick, closes within the next few weeks.

According to Shetland Marine News, the blow comes as administrators Grant Thornton continue trying to sell off the remaining assets of the company that ran out of money in February with more than £40 million of debt.

The trail blazers in aquaculture had set out to introduce the "world's first sustainable white fish", but failed miserably when projected sales did not materialise and mounting costs became overwhelming.

The NuFish hatchery was bought by No Catch in 2005 when a £3 million investment package led to a significant increase in production of juvenile cod to meet the company's ambitious overall targets.

Grant Thornton have now confirmed that it has proved impossible to sell the hatchery as a going concern because there is no other large cod farming enterprise anywhere in the European Union.

View the Shetland Marine News story by clicking here.

Ellen Hardy