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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 – less than a year after it had lodged plans for a 51-berth marina.
The company 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.
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