British Seafood Group sells first company

The first of several companies within the failed British Seafood Group has been brought out of administration and sold.

Jason Thompson and Guy Hall, the senior management of the subsidiaries Vision Seafoods Ltd and Oriental Delight Foodservice Ltd, have announced a management buyout of the companies from one of British Seafood's administrators MCR.

The companies will now trade under their new names, Visual Foods Limited and Dragon Delight Foodservice Ltd. The deal ensures security of supply for existing customers and continuity of contracts with international suppliers.

Based at Redditch in the Midlands, Vision Seafood is one of Europe's leading importers and wholesalers of specialty seafood and poultry.

Visual Foods has also announced a strategic alliance with Homestead Foods Limited, in which both companies will work together developing new products across their complementary markets.

Earlier in March, British Seafood Group went into administration after banks withdrew trade credit, dealing a blow to 3i, the private equity group that bought 28.5% of the company two years ago.