An award-winning Highland seafood and game supplier, which counted Michelin-starred restaurants among its customers around the UK, has collapsed, with the loss of nine jobs.
Alness-based Coast and Glen, founded in 2011 by young north entrepreneur Magnus Houston, was yesterday said to have been hit by “unsustainable cash flow problems stemming from rising costs, intense competition and very low margins”.
The firm, which had an annual turnover of around £1.4 million, has been placed in voluntary liquidation and liquidator Ian Fraser, a partner with FRP advisory, is seeking buyers for its assets.
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Coast and Glen, which sourced its fish and seafood from independent fishing boats, had grown rapidly and developed a customer base that stretched from Orkney to Devon.
The company, which was launched in Inverness, moved last year to leased premises in Alness, which included processing, packaging and kiln-smoking facilities.
It had also acquired a 2,600sq ft factory in Muir of Ord. At the time of its move to Easter Ross, Coast and Glen was said to be supplying more than 300 hotels and restaurants in the Highlands and Islands and had moved into the London market.
Mr Fraser said: “Coast and Glen was a progressive, entrepreneurial business that had grown rapidly and was rolling out ambitious expansion plans. However, the business ran into financial problems and liquidation was the only available option. Unfortunately, all nine staff have been made redundant with immediate effect and we are working closely with the relevant agencies to ensure they receive as much support as possible.
“We are also marketing the assets and would urge interested parties to contact our Aberdeen office as soon as possible.”