No Catch receivership is big blow for Shetland

No Catch was formed after a management buyout of the local company Johnson Seafarms four years ago. The Vidlin-based firm's cod was soon on the shelves of Britain's leading supermarket chains and on the menu at renowned restaurants. But speculations regarding the company’s financial situation intensified at the end of last year.

According to the Scotsman, managing director Karol Rzepkowski at the time vehemently rejected any such speculations calling them “malicious” and declared that the company was in a period of re-financing. However, it has now been revealed that the company has gone into receivership, with the potential loss of up to 130 jobs. Daniel Smith and Robert Caven, partners in the corporate-recovery firm Grant Thornton, had been appointed joint administrators of the company. The administrators have confirmed that they were in discussions with a number of potential buyers, the Scotsman reported.