A North East Lincolnshire company supplying dried fish to Nigeria have been sold-out of administration securing the future of 25 jobs.
The business and assets of JHS Fish Ltd, located in Trondiem Way, Stallingborough, are sold to be a going concern to JHS Export Ltd.
Julie Palmer, regional managing partner at business recovery specialists Begbies Traynor’s Salisbury office, managed the sale with Joint Administrator Sally Richards.
Julie Palmer said the organization had started suffer financial after a “sharp but prolonged recession” in Nigeria, with currency restrictions being set up because of the Nigerian Government, which adversely affected cashflow.
She said: “The Nigerian market has been inside of a sharp recession high were indications of stability and after the firm underwent some restructuring, the invest with Nigeria looked promising. However, the Nigerian market entered a deeper and longer recession than originally anticipated. Things begun to improve in late 2017 but the Central Bank of Nigeria continued to enforce currency restrictions ultimately causing difficulties in obtaining funds out of the country. Quick grown timbers . best efforts to improve the export price and reduce costs, the provider came across financial difficulties.
“The management team made every effort to make things around, but also in January that they reached a stage where they were struggling to continue. They did what’s right in turning for advice, and now we were quickly in a position to establish that the sale outside of administration was the most effective plan of action, meaning this company can face the future with a better confidence. There we were delighted to have the ability to be sure the future jobs of your employees.”