Salmon company to consider sale offers

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By Colin Smeeton

The Scottish Salmon Company (SSC), who own the fish farm in Lamlash and who are proposing to build a second farm in the north east of Arran, have announced that they are considering selling part or all of the company.

The stock exchange announcement from the Oslo-listed company follows a number of expressions of interest from buyers who wish to purchase parts or all of the organisation.

SSC are considering the offers as part of a review to maximise value for shareholders and the sale is just one of many strategic options being considered. The review is expected to conclude by September.

A spokesperson from SSC said: ‘The Review is ongoing and progressing in line with expectations. Among the options being considered within the framework of the Review are several formal, non-binding expressions of interest to purchase part or all of the Company that have been received by the Company via its financial advisor Daiwa Corporate Advisory Limited.

‘As part of this process, the Company will allow selected parties access to non-public information. No assurance can be given that any specific outcome will be proposed or completed as a result of this process.’

SSC owns 60 sites across Scotland and employs around 600 people. On Arran the company made headlines in 2015 when it proposed to expand operations in Lamlash, a move which prompted fierce opposition from locals and environmental groups.

This year the SSC has faced further angry reactions at their public consultations during engagement events aimed at informing residents about their plans for a 20 pen fish farm near Millstone Point.

Despite the recent negative press about the industry in the BBC television documentary Panorama and criticism from high profile figures including David Attenborough – who spoke out about the negative effects of fish farming – the company reported revenues of £53.5m for the first quarter of 2019 – an increase from £43.3m from the same period last year.

 

The Scottish Salmon Company site in Lamlash. 01_B36SSC01