Falkland Islands-based Fortuna has successfully acquired Ocean Fish Group, marking its strategic expansion into the UK fishing sector.
While financial terms of the transaction remain undisclosed, this acquisition positions Fortuna for significant growth.
Fortuna holds quotas for Loligo and Illex squid, finfish, and Patagonian toothfish.
Recently, the company secured exclusive lobster fishing rights in Tristan da Cunha, effective from 2027.
James Wallace, managing director of Fortuna, emphasized, “This is a significant acquisition for Fortuna which builds on our strengths as a company, helps further diversify our business, and provides exciting opportunities to realise synergies between the two companies.”
In a statement, Ocean Fish noted that the acquisition will bolster its expansion strategy.
The company stated, “This strengthens our UK operations and further extends our global sales opportunities through access to new products and collaboration with Fortuna to promote their own UK quota species into new global markets.”
As a vital player in the Cornish fishing and processing sector, Ocean Fish supplies major UK and European retail, wholesale, and foodservice clients.
Formerly majority-owned by the Lakeman family, Ocean Fish has expanded through acquisitions, including W Stevenson and Sons in Newlyn and a joint venture with Chapman’s of Sevenoaks.
Leigh Genge continues as CEO and retains his position as a minority shareholder.
Genge described the firms as “like-minded,” noting their “strong cultural and commercial alignment.”
“Access to wider Group support as we set about delivering turnover of £100m by 2030 was a compelling factor for me in this consolidation. Our unique and vertically integrated supply chain just became much stronger with access to new global markets, product synergies, and a new species into the UK,” he added.
This acquisition comes amid challenging conditions for UK fisheries.
In October, an Oceana report= revealed that half of the UK’s top ten commercial stocks—such as North Sea cod and herring—are either “critically low” or “overexploited.”
Only 41% of 105 assessed stocks were found to be “healthy,” while 27% were “critically” depleted and 25% were “overexploited.”
The NGO urged that, “The government’s failure to follow the science on catch limits and set a clear plan to end overfishing has pushed many of the UK’s most important fish populations towards collapse.”
It called for legally binding deadlines and catch limits to help rebuild stocks.
