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Receivers appointed to Cloudy Bay Clams Ltd, Cloudy Bay Holdings Ltd, Cloudy Bay Marine Ltd and Cloudy Bay Seafood Ltd

Richard Nacey and John Fisk of PwC New Zealand were appointed as receivers of Cloudy Bay Clams Limited, Cloudy Bay Holdings Limited, Cloudy Bay Marine Limited and Cloudy Bay Seafood Limited (together the “Companies”) on 2 April 2024 following a request from the Director of the Companies.

The Group operates a commercial fishing business harvesting surf clams around the coast of New Zealand. Its products are sold to both the domestic and export market. The Companies primary place of operations is in Blenheim and the Companies employ approximately 20 staff.

Receiver Richard Nacey says, “the decision to appoint receivers was made following ongoing cash flow pressure resulting from difficult trading conditions and a lack of adequate capital to fund growth initiatives. We are conducting an immediate assessment of the Companies’ operations in order to gain an understanding of the current position. We are also preparing to market the business and assets of the Companies for sale in an effort to maximise recoveries to creditors.”

While the receivers are yet to establish the full extent of creditor claims across the Companies, initial estimates suggest they are approximately $4.5 million.

 

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