Seafood supplier Simsons Fisheries has been snapped up out of administration by rival business James Knight of Mayfair, saving the jobs of all the staff.

Partners Simon Bonney and Andrew Hosking of recovery specialist Quantuma were appointed as joints administrators to SSF Realisations Ltd, which traded as Simsons Fisheries, on 2 June.

The South London-based business, established in 1974, supplied fresh fish, shellfish and frozen seafood to hotels, restaurants, brasseries and airlines across London and nationwide.

It was acquired by Loch Fyne Oysters in 2008 to help the Scottish seafood firm expand in the south and was reacquired by former director Tim Lucas in 2012.

Simon Bonney said: “The company attributed its financial problems to a lack of working capital resulting in the business being unable to buy product at a competitive price.

“This had a detrimental effect on profit margins and the level of stock Simsons Fisheries was able to carry.”

Turnover had also fallen from £7.7m in 2014 to £6.2m in 2015.

The pre-pack sale of Simsons to James Knight of Mayfair saved the jobs of all 29 staff.

James Knight of Mayfair, which holds a royal warrant and has been trading since 1908, supplies fresh fish to London restaurants and is now one of the capital’s largest independent seafood wholesalers.