Associated Seafoods has announced its second acquisition this week, entering an agreement to acquire prawn processor Moray Seafoods.

The UK firm said yesterday (21 July) that the move will secure the future of Moray Seafood and “herald the beginning of a new strategy” to develop domestic and export markets for quality langoustine and scampi.

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Associated Seafoods said Buckie-based Moray had “endured difficult trading in recent months” and insisted its investment would give the company with the resources to reinvigorate the business and develop a strategy for future development.

On Friday last week, Associated Seafoods announced the acquisition of Lossie Seafoods, which is also based in Buckie.

Associated Seafoods chairman Bill Hazeldean said the acquisition will provide the “springboard for expansion” into new markets that will eventually be fuelled by product innovation to “maximise the potential of langoustine landings into the processing facility”.

“We feel there is huge potential in developing the market for langoustine both in the UK and abroad, involving new marketing strategies and innovation, including new value-added products,” Hazeldean said. “We believe that with the continued goodwill of the employees, customers and suppliers, there is an exciting future for Moray Seafoods.”

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Funding for the deal is coming from Scottish Seafood Investments, a venture between The Scottish Salmon Co. and its major shareholder Northern Link to invest in companies in value-added seafood processing. Associated Seafoods acts as the holding company for the venture to make acquisitions.

Victor West has been appointed as managing director of Moray Seafoods. He will combine the role with heading up Lossie Seafoods. He joins the company from Food Partners, where he was business development director.