Australian seafood company A Raptis & Sons Group, one of the country’s largest privately owned fishing businesses, has entered voluntary administration as efforts begin to restructure or sell the company.
The Brisbane-based family enterprise, which has operated for more than six decades and spans three generations, is widely recognised as Australia’s largest wild-caught prawn operator.
On Friday, administrators Ben Campbell, Vaughan Strawbridge and Kathryn Evans of FTI Consulting were appointed to oversee the seven companies that make up the group.
The appointment follows a challenging year for the business, including a poor prawn season that placed pressure on operations. The company had already been seeking buyers prior to the administration process.
Campbell said the administrators would conduct an urgent review of the company while continuing to operate the business during the process.
Founded in the 1950s by Anna and Arthur Raptis Sr as a small fish and chip shop in Adelaide, the company later expanded into a fully integrated seafood operation. Now headquartered in Morningside in Brisbane, the group operates 19 commercial fishing vessels and supplies wild-caught seafood to retail, hospitality, wholesale and export markets.
The company also runs a major seafood processing facility near the Port of Brisbane and sells products under the Ocean Pearl, Seaport and Agrios brands.
Administrators will now explore all options for the future of the business, including a potential sale.
Source: The Advertiser
