A North East Lincolnshire company supplying dried fish to Nigeria continues to be had sold out concerts of administration \ securing not able to 25 jobs.
The business and assets of JHS Fish Ltd, headquartered in Trondiem Way, Stallingborough, are actually sold like a going concern to JHS Export Ltd.
Julie Palmer, regional managing partner at business recovery specialists Begbies Traynor’s Salisbury office, managed the sale with Joint Administrator Sally Richards.
Julie Palmer said the company had started to suffer financial right after a “sharp but prolonged recession” in Nigeria, with currency restrictions being applied by way of the Nigerian Government, which adversely affected cashflow.
She said: “The Nigerian market were being in a sharp recession and then there were warning signs of stability after the company underwent some restructuring, the invest Nigeria looked promising. However, the Nigerian market went into a deeper and longer recession than originally anticipated. Things begin to improve in late 2017 but the Central Bank of Nigeria continued to enforce currency restrictions triggering difficulties in acquiring funds out of the country. Quick grown timbers . best efforts to elevate the export price and lower costs, the provider ran into poverty.
“The management team made every effort to convert things around, but in January that you had reached a stage where these were not able to continue. They did the right thing in turning for advice, and then we were quickly competent to establish that the sale out of administration was the top course of action, meaning the organization may now face the longer term having a better confidence. There we were happy to also be able to guarantee the future jobs within the employees.”