UK-based New England Seafood International (NESI) has acquired the “trade and certain assets” of Devon-based Blue Sea Food Company.

Financial details were not disclosed.

NESI has snapped up the crab-focused buying, processing and selling business from Kroll Advisory, which was appointed as administrator to Blue Sea in early August.

The deal “secures more than 160 jobs”, according to a statement from financial advisory firm Kroll. The statement added that Blue Sea faced trading challenges following the pandemic, including cost inflation and the cost-of-living crisis which placed difficulties on working capital.

Dan Aherne, NESI CEO, said: “We have been really impressed by the passion and energy of the Blue Sea team for promoting British crab in the UK and around the world. Blue Sea Food is a great business but it suffered under to high a debt burden.

“We are pleased to have been able to move quickly, working constructively with Kroll to secure all jobs at the Paignton operation and look forward to supporting the team there and working closely with the suppliers and customers of the business to forge a successful future for Blue Sea under NESI ownership.”

NESI supplies fresh and frozen fish and seafood to retailers and the foodservice sector in the UK and northern Europe. It is majority-owned by Sealaska, a sustainable investment business in Alaska.

This deal makes Blue Sea Food a part of the Woocheen group of companies owned by Sealaska.

Blue Sea managing director David Markham said his company is excited about the “possibilities that working with the NESI team will help unlock for Blue Sea as it begins this new chapter”.

He added: “The last 18 months have been a particularly challenging period for Blue Sea Food Company, the company that we started 20 years ago. I am delighted NESI has stepped in with such enthusiasm and professionalism to create security for our people and for our processing operation, which plays a vital role in the UK crab-processing industry.”