The business suffered financial pressure as a result of weakness of the pound in the aftermath of the UK’s vote to exit the EU in June last year, according to administrators Howard Smith and Jonny Marston from business consultancy KPMG.
The withdrawal of duty relief on the fish firm’s imports had negatively affected the company, they claimed. Smith and Marston were appointed joint administrators of the business on April 4.
‘Faced challenges in recent months’
Smith said: “Any business that is reliant on imports will have faced challenges in recent months as the weakness of sterling takes its toll on margins.
“We continue to maintain operations at Aquila Processing while exploring options. We would encourage anyone interested in buying the business, and its assets, to get in touch immediately.”
Aquila was established in 2007 as an importer for fish and chip shop suppliers and has since grown to supply to businesses throughout the food supply chain.
Value added and coated products
The company specialises in value added and coated products for retail and foodservice, including: fish fingers, fish cakes and battered cod.
In its last financial results – announced in 2015 for the year to December 31 2014 – Aquila’s sales fell from £13M in 2013 to £12.2M. However, operating profit for the firm grew to £195,424 from £183,631.
Meanwhile, potato processing firm M&F Ltd appointed administrators to sell the company’s assets last month (March 13), with the loss of 90 jobs.