The No Catch Group is being broken up by administrators, signalling the likely demise of the No Catch brand.

The organic cod farm's physical trading assets and sea farms have been sold to a consortium comprising Norwegian-owned companies Scottish Sea Farms and Hjatland Seafarms.

No Catch went into administration in February with debts of £40m. Buyers are still being sought for other parts of the business, including the mussel sites, trout business and Grading Systems. Talks are also ongoing on the potential sale of the Hatchery, which includes intellectual property on organic cod rearing.

Administrator Grant Thornton will keep running a number of sites off Shetland under licence while trading out or seeking a buyer for current cod stocks, which will number 3,400 tonnes once mature.