September 18, 2006

 

UK company farming barramundi hopes to make a splash in London

 

      

Barramundi producer Aquabella Group has been listed on the London Stock Exchange.

 

The company, established just two years ago in May 2004, operates an indoor fish farm based in Hampshire.

 

It currently produces and grows barramundi, a white-fleshed Australian native fish, which it sells to the wholesale, retail and  restaurant markets in the UK.

 

The company hopes to raise GBP 18.2 million (US$34.2 million) through the listing.

 

The raised capital would be used to invest in the further development and organic growth of Aquabella and to strenghten the company's working capital.  The Company operates through its subsidiary, International Aqua Farms Limited (IAF), at a 5,500 square metre indoor fish farm and sold under the brandname New Forest "Barramundi".

 

The company started off farming Barramundi in the UK hoping to replicate its success in Australia. The directors also believed Barramundi to be attractive to the retail, wholesale and restaurant market. 

 

With increased public concern about declining wild fish stocks, there is growing demand for premium quality, farmed fish produced from sustainable stock, Pieter Tott, Non Executive Chairman said.

 

With a sweet, buttery taste, Barramundi is reputedly one of Australia's finest eating fish, he said. The fact that it is high in Omega 3 and low in fat makes it attractive to health conscious consumers, he added.

 

The barramundi (Lates calcarifer) is a fresh water fish that

is famous for its size. It can grow up to 60 kg (over 132 lb) in mass.