MCR voted MidTier/Boutique Restructuring Firm
of the Year 2010
MCR appointed Administrators to Seatek (UK) Ltd, Oriental Delight Foodservice Ltd, Vision Seafoods Ltd and Joint Receivers with FGS Partnership of Evergreen Food Services Ltd in receivership
Jason Godefroy and Andrew Stoneman, Partners at MCR, were appointed Administrators of Seatek (UK) Ltd, Oriental Delight Foodservice Ltd, and Vision Seafoods Ltd on 23rd February 2010. On the same day Jason Godefroy and Declan Taite (FGS Partnership) were appointed Joint Receivers of Evergreen Food Services Ltd.
Seatek (UK) Ltd is a leading frozen, fresh and ambient fish and seafood wholesaler within the UK. With sales offices throughout the UK and Ireland, Seatek offers a one stop shop for the wholesale and catering sector, controlling every aspect of the supply process from catch through to delivery. The company employs around 65 staff based at Billingsgate Market in London. In 2009 it had a turnover of c£36m.
Oriental Delight Foodservice Ltd is a sister company focused on delivering a wide range of fresh, frozen and ambient foods to the Ethnic markets. It employs 14 staff in Redditch in Worcestershire. Finally, Vision Seafoods Ltd, is one of Europe's leading importers and wholesalers of speciality seafood, meat and poultry.
Evergreen Food Services Ltd (including the CX brand) has been operating in the Irish market since 1994 and specialises in providing food to Ethnic markets. The company also had a significant catering supply operation.
Evergreen Foods operates from a 40,000 square foot depot in Athy, Co Kildare, and employed 46 staff.
All four companies are part of the international food group, British Seafood Ltd, which went into Administration last week, with Deloitte LLP.
Jason Godefroy, Partner at MCR stated: "This is a complex case involving multiple parties, but we are still trading through the Administration process as we identify a buyer as the underlying business is profitable. It is too early to identify the reason as to why these companies fell into Administration as it does appear to be company specific as opposed to adverse market conditions."
