Ocean Fish acquired by Fortuna

In an exciting and positive move for both the Ocean Fish Group and the wider fish industry in Cornwall, Fortuna Ltd, a Falkland Islands-based fishing and marine services company, has acquired the Ocean Fish Group. The acquisition will further support the expansion and development of the Cornish fishing and processing group to achieve its growth aspirations.

With the acquisition of the Ocean Fish Group, Fortuna, the largest fishing company in the British Overseas Territories, is taking their first steps into the UK fishing industry. Fortuna, through its shareholdings and subsidiaries, is the largest quota or license holder in the Falklands for Loligo and Ilex squid, finfish and Patagonian Toothfish, and has recently secured exclusive rights to the concession to fish for lobster in the Tristan da Cunha archipelago from 2027.

Ocean Fish is Cornwall’s oldest fishing and processing import-export business, supplying large UK and European retail, wholesale, and most recently food service customers. The deal strengthens Ocean Fish’s UK operations and further extends its global sales opportunities through access to new products and working with Fortuna to promote their own UK quota species into new global markets.

Ocean Fish, which was previously majority owned by the Lakeman family who have been fishing in Cornwall for generations, has established itself as a leading supplier into wholesale, foodservice and retail customers in the UK and Europe in recent years through core acquisitions of W Stevenson and Sons in Newlyn and a recent joint venture with Chapman’s of Sevenoaks.

Recognising the cultural, social and economic importance of seafood to Cornwall and the UK, Fortuna are fully committed to supporting the business to grow and reach its full potential.

Capitalising on the sound foundations created by Ocean Fish with its consolidated supply chain – catching, marketing, buying, processing, export, retail, wholesale and food service through to the consumer – Fortuna and Ocean Fish are ready to enter a new and exciting phase.

Leigh Genge, who remains invested as a minority shareholder as well as the continuing Chief Executive for the UK Group, says “this new partnership is the joining of two like-minded businesses with strong cultural and commercial alignment. The access to wider Group support as we set about delivering turnover of £100m by 2030 was a compelling factor for me in this consolidation. Our unique and vertically integrated supply chain just became much stronger with access to new global markets, product synergies and a new species into the UK. I would like to thank James Wallace, the Fortuna Group Managing Director, and the wider Fortuna Board who believed in and share my ambitions for the Group. I would also like to thank Andrew and Edward Lakeman for their unwavering support and friendship over the past few decades. I think we can all be exceptionally proud of the success we have achieved with Ocean Fish and I know that The Lakeman family heritage is in safe hands.”

James Wallace, Managing Director Fortuna Ltd, said: “This is a significant acquisition for Fortuna which builds on our strengths as a company, helps further diversify our business, and provides exciting opportunities to realise synergies between the two companies. Ocean Fish Group is unique in its vertical integration, and we are very excited to be involved in the future of the company and help to deliver its impressive plan for growth. I am delighted to welcome them into the Fortuna Group, and to build on the legacy of the Lakeman family.”

The acquisition was supported by HSBC, Michelmores, Andrew Jacksons, FRP Advisory and Kreston Reeves.

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Media enquiries to:
Sharon Brannan
07774556313
[email protected]

For the latest news and updates, visit
ocean-fish.com
http://www.fortunaseafoods.com/fortuna/www/fortuna/en/home.html

Note to editors:

About the Fortuna Group

Since the company was established in 1987, Fortuna Ltd has been at the heart of the growth of the Falkland Islands’ fishing industry and the wider Falklands Islands economy and is today the leading fishing company in the UK Overseas Territories. From the start, the company reinvested profits, incrementally strengthening Itsownership position and modernising its fleet, with a focus on operational efficiency and productivity, and the development of the international market reach of Falklands seafood. Primarily a fishing and maritime services company, the wider Fortuna Group also provides coastal shipping services, retail outlets, a fish processing plant and a property portfolio in the Falkland Islands, as well as investing in potential future industries. In 2024 Fortuna acquired Holyhead Towing Ltd in Anglesey, operating a fleet of 15 modern and versatile vessels used in support of energy, marine civil engineering, dredging and renewable energy projects around the world. In 2025 Fortuna secured exclusive rights to fish for lobster in the Tristan da Cunha archipelago from 2027 and will also be providing cargo and passenger services to the Island.

About the Ocean Fish Group

The Ocean Fish Group is a fishing and processing import-export business based in Cornwall. We have a fully consolidated supply on Southwest UK species as significant quota holders, vessel owners and the management of Newlyn market. Our two processing sites in Cornwall process daily southwest and large volumes of important species to UK and Europe wholesale retail customers. Our foodservice division Chapman’s of Sevenoaks based in Kent supplies into high-end restaurants and food serve businesses throughout London and the southeast. Our operation is focused on managing sustainable fishing in the open Southwest Seas utilising our own fleet of fishing vessels, processing in our modern state-of-the-art processing facilities and distributing to UK and international wholesale and retail customers with our own fleet of articulated trucks.

OCEAN FISH –
TRADITION FROM GENERATIONS, TECHNOLOGY OF TODAY, SUSTAINABILITY FOR THE FUTURE