January 19, 2009

Australis Aquaculture, the sustainable farmed seafood group, has entered administration after failing to secure the funds needed to repay a loan due at the end of January.

The company said that the appointment of the administrators, WHK Horwath, would allow it to keep the business running as usual while it assesses its funding options.

Australis managing director, Josh Goldman said the company's management is "totally focused maintaining the continuity of our growing operations and providing uninterrupted supply of service to our customers as we restructure".

Australis sells sustainable seafood under the The Better Fish brand. The company owns and aquaculture facility in the US state of Massachusetts.