Danish RAS supplier Billund Aquaculture goes bust
We have come to the conclusion that there is no basis for further operation, says the board, which has today submitted a bankruptcy petition
The Danish company announced the news in a press release today, reports Fish Farming Expert’s Norwegian sister site, Kyst.no.
Chairman Jon Refsnes said the company deeply regrets having to take the decision but that unfortunately there are no other options.
The current shareholders, Havbruksparken Utvikling AS, Stoksund AS, and the founders in the Sørensen family, have been joint owners since summer 2022.
The company’s finances took a hit due to the consequences of the Covid pandemic and Russia’s war on Ukraine, but significant changes in project and risk management have been implemented over the past two years.
Too many challenges
Managing director Kristoffer Lund said the company has had good operations over the past year.
“Unfortunately, there have been too many challenges from previous operations, which made it difficult to find sufficient capital for further operation.”
Despite good operational progress, the company’s efforts to secure its capital needs were ultimately hampered by disputes from before the 2022 changes.
“Based on this, the board has concluded that there is no basis for further operation. Efforts will now be made to find the best possible solutions for all our employees, customers and creditors.”
Billund Aquaculture’s companies in Denmark and Norway separated in 2022 when aquaculture investor Broodstock Capital sold its majority holding in Billund to the company’s Danish founders, the Sørensen family, but retained a 75% stake in Billund Aquaculture Norway. The Norwegian company was re-named VAQ and is not affected by today's announcement.
