Arctic Fish Products selects RSM UK for administration process

Fish processing specialist Arctic Fish Products has ceased trading and fallen into administration. The collapse of the firm after two decades has resulted in a number of job losses, as RSM administrators weigh up the options for its remaining assets.

Founded in 2005, Arctic Fish Products, has operated in Grimsby for almost 20 years. In that time, it has processed, packed and stored fish for customers across the UK. However, the firm experienced significant cash flow difficulties in recent years, thanks to material bad debts with key customers. 

Partial accounts covering the year to the end of May 2024 show the business had liabilities of more than £459,000. With Artic Fish's cash flow situation seeming “irrecoverable”, the company was closed shortly before the appointment of administrators in December 2024.

Jamie Miller and Gareth Harris of RSM UK were appointed as joint administrators. With the news having incurred a number of job losses, they are currently assisting employees to ensure that they recover their entitlements, in respect of any arrears of salary, holiday pay, pay in lieu of notice and redundancy.

Miller confirmed, "We are also working closely with the directors and other stakeholders in order to realise the company’s assets for the maximum amount possible. This includes the company’s desirable trading premises and plant and machinery, with interested parties advised to make contact with us as soon as possible. We are hopeful of securing a material return to the company’s creditors."

The news comes at a difficult time for the regional seafood industry. A month before Arctic Fish's downfall, Grimsby also saw D&A Seafood Solutions sold to Ramus, in a pre-pack administration deal worth £65,000 – saving around 32 jobs in the process.