A BLACKBURN law firm has helped a fellow Lancashire businessman to takeover global seafood brand Oceanic Seafoods.
Managing director and founder Jim Welsh had decided to take a 100 per cent stake in the business, which exports seafood throughout the North Atlantic, Pacific Ocean and Barents Sea, after it recorded a turnover of £34.5 million last year.
He did so thanks to a buyout of partner firm Three Oceans with the help of advisers from Blackburn-based law firm Napthens.
Mr Welsh said: “It’s an exciting time for the business.
“This move to complete ownership will allow us to be more versatile, grow existing UK customer sales and develop our offering in international markets such as the Far East and US markets. It will provide even greater flexibility for our multinational export team and opens a lot of new doors for us.
“Three Oceans has been a truly valued shareholder throughout the years and our partnership has been built on shared principles of trust, hard-work, and a passion to supply the best quality seafoods in the industry, we remain strong.”
Mr Welsh first founded Oceanic Seafoods in partnership with Three Oceans in 2011.
Since then, the Lancashire firm has established offices in Mar Del Plata, Argentina, and Qingdao, China.
When Mr Welsh triggered his 100 per cent takeover, Walker Road based Napthens were on hand to provide legal expertise.
Napthens partner Jamie Allison said: “Oceanic Seafood has been successfully led by Jim for more than ten years and he has built an exemplary business in his sector, working with established global partners and loyal customers to produce an exceptional product. We are pleased to have worked with closely with him and the team on delivering this next step for the business.
“As Oceanic Seafoods navigates a new path, we wish his team all the very best and look forward to working together again in the future.”