February 27, 2007

Pan Fish Scotland buys Highland Fish Farms

PAN Fish Scotland (PFS) has announced that it has completed a GBP 4.1 million deal to purchase Highland Fish Farms (HFF).

Since 2002, PFS has been leasing sites in Lochs Torridon, Carron and Ness, and on Skye, from HFF, which was formerly owned by the Wood Group.

The management agreement under which the lease was agreed contained an option to purchase, which PFS has now exercised.

The acquisition is very much in line with the company's long-term strategic plan for taking the company forward, said PFS MD Odd Geir Oddsen.

Pan Fish recently merged with Norway's Marine Harvest and Fjord Seafood. After clearing regulatory hurdles. About 60 percent of the company's production goes to consumers in the UK while the rest are exported to the EU, Asia and the US. Pan Fish emerged from financial difficulties and expanded through organic growth and acquisition of three other seafood companies in 2005.