Shetland organic farmed cod pioneer Johnson Seafarms has completed a management buyout backed by European Acquisition Capital through a newly formed company, Shetland Organic Seafood.
The deal has generated £21m to fund the tripling of its cod production over the next three years to more than two million fish per annum, equivalent to 3,000 tonnes per annum, or 3% of UK cod consumption.
Total UK farmed cod output was 25 tonnes in 2003.
Karol Rzepkowski, MD of Johnson Seafarms, said: “We
are delighted that EAC has backed us and believe that they will be a perfect partner.”
Organic accreditation through the Soil Association and the Organic Food Federation is expected to be achieved shortly, and Johnson’s farming processes are also expected to receive RSPCA Freedom Food accreditation.