Seafresh moves on losses

By IRENE CHAPPLE

Listed Wellington fishing company Seafresh is shedding assets in an effort to stem financial losses.

The company has put its Lower Hutt processing factory, built for $3 million but with a valuation of around $2 million, on the market.

Seafresh is also considering selling one of its three $2 million trawlers to replace it with another vessel which would allow on-board fish processing.

Other options for the company, which last week posted a $6.8 million full-year loss, are to bring new expertise to the board and ask the 50 employees to "work harder", says managing director Heng Lim.

Mr Lim said he hoped the factory would sell for much more than its valuation, with the proceeds being used to repay a defaulted million-dollar loan to Harts Contributory Mortgages.

Seafresh, majority owned by the Lim family, wrote down $1.8 million of quota value and $500,000 of boat value in the latest financial year.

Mr Lim said the company was considering many options for improvement, including employing executives "who can help".

"We are looking around," he said. "It is very hard to say what type of person we are looking for, but we are looking."