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Last Updated: Monday, 26 January, 2004, 14:32 GMT
Salmon firm in financial trouble
Salmon - generic
The company is the latest to report problems
Shetland's troubled salmon farming industry has been dealt a further blow with the news that another company has gone into receivership.

Bressay Salmon was forced to call in the receivers because of rising debts and poor prices for fish.

The company, which grows 300,000 salmon under contract, is the fourth to report problems in the last two months.

Management at Bressay Salmon said there was no immediate threat to jobs at the company.

We are reviewing the situation with the intention of achieving a going-concern sale if possible
Ian Bennett
Pricewaterhouse Coopers

Earlier this month, BBC Scotland revealed that more than 6m of public money was at risk following the collapse of SSG Seafoods, a major salmon company in the islands.

Millions of pounds of the island's oil money was poured into the company, which has contracts with about a dozen independent salmon farms in the islands to grow fish.

Industry observers in Shetland predict more companies will go into receivership in the near future as the industry shrinks and adapts to global market conditions.

Ian Bennett, of receivers Pricewaterhousecoopers, said: "We are reviewing the situation with the intention of achieving a going-concern sale if possible."




SEE ALSO:
Call for salmon safety audit
17 Jan 04  |  Scotland
Global warming affecting salmon
15 Jan 04  |  Scotland
Food safety call over salmon row
14 Jan 04  |  Scotland
Scare over farmed salmon safety
08 Jan 04  |  Health


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