Fraud suspected over £150m black hole at British Seafood

The UK’s largest importer of fish from Asia went into administration last week, with Deloitte partners acting on behalf of the company’s five subsidiaries.  

The group owns several companies in the UK and overseas, but its biggest British operation is Five Star Fish of Grimsby which employs over 200 people and was completing a £7-million expansion. It is continuing to trade as normal.  

The administrators expressed concern at a meeting last week over £150m of trade debtors it was unable to trace, and fraud was the suspected cause. 

Minority stake holder 3i now faces questions over its failure to spot problems with the company’s accounts, reports the Financial Times.