No Catch seeks new way forward

The Fish Site
by The Fish Site
28 January 2008, at 12:00am

UK - Efforts are being made to sell or find fresh backers for the trailblazing farmed cod company No Catch.

Around 120 jobs depend on the future being secured for the prize-winning former Johnson Seafarms business which is currently funded by city investors, an Icelandic bank and smaller investors like Shetland Development Trust.

Managing director Karol Rzepkowski yesterday dismissed rumours of a crisis at the company and said it was in a pre-planned "sale or refinance situation".

Speaking from London where he was having meetings with potential investors, he hit out at a "morass" of rumours in Shetland that have suggested problems at the Vidlin-based group of companies.

He said No Catch was operating normally and had the support of its bank.

He flatly denied he was on a mission to save the business although he admitted that with the world's financial markets in turmoil it was possibly not the best time to be seeking new backers.

Source: ShetlandToday