Rescue plan for No Catch

No Catch went under after running up a £40 million debt on its organic cod farm, but now new buyers could revive the Shetland firm. According to administrators Grant Thornton, "there has been quite a lot of interest in the sea farms…[though] it is unlikely it will be sold as a whole."

Last week, a spokesman for Grant Thornton told the Sunday Times: “There has been quite a lot of interest in the sea farms, and there is quite a lot of intellectual capital tied up in the company, as what they were doing was new. Plus, of course, there is the stock of cod.”

According to the newspaper, there are a number of Norwegian companies already operating in the fish-farming sector are interested in buying the assets.

Former director, Karol Rzepkowski, told the Sunday Times that the move to take the company into administration had destroyed the brand at a time when the firm was growing and its product increasingly recognised, and blamed the banks for putting the firm into administration.