Organic farmed cod operation Johnson Seafarms went into administration this week with debts of £40m. No Catch - claimed to be the world's first organic cod farm - had listings in Tesco and selected Sainsbury's but sales of just £3m last year.

Daniel Smith, co-leader of Grant Thornton's administration team, said he expected significant interest in the business because it had valuable assets, including 27 cod farms around Shetland and processing plants.

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