Updated ,first published
Australia’s largest wild-caught prawn operation has gone into voluntary administration, citing a difficult season last year.
A. Raptis & Sons Group, comprised of seven different entities, had administrators from FTI Consulting appointed on Friday.
The Group is based in Brisbane and its operations include commercial fishing vessels operating across northern and southern Australia.
It supplies wild caught seafood to retail, food service, wholesale and export markets.
Administrators said the business was hampered by a poor prawn season last year, which prompted the difficult decision to sell.
“We are working with A. Raptis & Sons Group’s management team and staff and other stakeholders to undertake an urgent assessment of the business and restructuring options,” administrator Ben Campbell said.
“We are continuing to operate the business while this assessment is undertaken.
“A transaction process for the business was undertaken last year and received interest from a range of potential investors.
“We intend to explore all available options to facilitate a restructure and/or sale of business and assets in an expedited timeframe with the support of relevant stakeholders.”
Business in the group include A. Raptis & Sons, Raptis Fishing Licences, Harvest Seafood Australia, A.G. Raptis (Karumba), Todreel, Raptis Engineering, and Athanasios Raptis.
The related company Raptis Investments, who lodged plans for a commercial marina in Brisbane’s inner eastern suburbs in April last year, will not be sold.
“We are saddened by the news that A. Raptis & Sons Pty Ltd has entered voluntary administration after more than 60 years,” a spokesperson for Raptis Investments said.
“Raptis Investments is a separate legal and financial entity that owns and operates retail, commercial, industrial and wharf assets across eastern Australian and South Australia.
“The A. Raptis & Sons Pty Ltd administration has no impact on the operations of Raptis Investments.”
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