The Ocean Fish group, a historic player in fishing and fish processing in Cornwall, officially comes under the control of Fortuna Ltd, a company based in the Falkland Islands and a major player in the British Overseas Territories fisheries. The transaction marks Fortuna's entry into the UK market and ushers in a period of investment aimed at expanding the business.
Fortunately, this is a strategic move: the company holds the main catch quotas in the Falklands for species such as Loligo and Ilex squid, groundfish and Patagonian Toothfish, as well as exclusive rights to fish for lobster in the Tristan da Cunha archipelago from 2027. The union with Ocean Fish now allows us to expand our commercial presence in Europe and promote new species in international markets.
Ocean Fish, Cornwall's oldest fish company, has over the years become a key supplier to large-scale retail, wholesale and foodservice in the UK and on the continent, thanks also to the acquisition of W Stevenson and Sons in Newlyn and the joint venture with Chapman's of SevenoaksThe company was controlled by the Lakeman family, who had been involved in fishing for generations and had played a key role in the group's growth.
Thanks to its new ownership, Ocean Fish will be able to accelerate the development of its integrated supply chain, from catching to processing, from export to retail distribution. Fortuna has confirmed its strong commitment to supporting the economic and social potential of the Cornish seafood industry.
Leigh Genge, CEO of the British group, will remain at the helm of the company while maintaining a minority stake. "The agreement brings together two companies with similar values and a shared growth vision. Access to Fortuna's global network further strengthens our value chain and allows us to aim for revenues of £100 million by 2030", he has declared.
Satisfaction also from James Wallace, Managing Director of Fortuna, who calls the acquisition "a decisive step in diversifying our scope and creating real synergies with a unique, vertically integrated company." The closing was supported by HSBC and advisors Michelmores, Andrew Jacksons, FRP Advisory, and Kreston Reeves.
