Scotland's third-largest farmed salmon producer has been saved from bankruptcy after a private investor stepped in to buy a controlling stake.
Lighthouse Caledonia, which expects to harvest 23,000 tonnes of salmon this year, ran into cashflow difficulties in 2008 that led to 130 staff losing their jobs and its Stornoway processing plant being closed.
However Northern Link, which has a number of financial interests in aquaculture businesses around the world, has now taken a 51% stake following a new share issue. Northern Link is believed to have invested about £7.5m while other investors brought the cash influx up to £15m.
The deal, approved at an egm on 3 March, would "transform" Lighthouse Caledonia's fortunes, said CEO OddGeir Oddsen. "It shores up our balance sheet and removes any problems we had with cashflow," he said.
Lighthouse Caledonia, which expects to harvest 23,000 tonnes of salmon this year, ran into cashflow difficulties in 2008 that led to 130 staff losing their jobs and its Stornoway processing plant being closed.
However Northern Link, which has a number of financial interests in aquaculture businesses around the world, has now taken a 51% stake following a new share issue. Northern Link is believed to have invested about £7.5m while other investors brought the cash influx up to £15m.
The deal, approved at an egm on 3 March, would "transform" Lighthouse Caledonia's fortunes, said CEO OddGeir Oddsen. "It shores up our balance sheet and removes any problems we had with cashflow," he said.
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