Shetland-based Grading Systems, which went into administration along with cod farmer No Catch, has been bought by Norwegian company Viking Atlantic, it was announced today.
Grading Systems went into administration on February 19, the same date as the No Catch Group with whom it has common shareholders.
Grading Systems, whose headquarters are in Vidlin, holds the patent in 30 countries to the Flexi-panel system that allows fish of varying maturity and size to be graded, in situ, with less damage to their scales or stress than conventional systems. The product has achieved annual sales of c.£1 million.
Viking previously acted as the company's main distributor of the Flexi-panels.
In order to effect a rescue of the company, Grading Systems was taken out of administration today, Daniel Smith and Robert Caven, partners in Grant Thornton and the joint administrators announced.
Daniel Smith of Grant Thornton commented: “We are delighted to have achieved a rescue of this company which anticipates a repayment of the trade creditors of the company in full. We are further delighted to have a achieved this sale in rapid succession to the sale of the majority of the operating assets of No Catch to a consortium comprising of Scottish Sea Farms Limited and Hjaltland Seafarms UK on April 10 and the sale of the Sea Trout business to QA Fish on April 15.”