A PIONEERING marine firm has lost half of its workforce and sold its assets after it was placed into administration.
The Oban-based Oceanium Limited, which sold farmed seaweed bioactive and food ingredients along with other products, has sold its trade and assets after it fell into the hands of administrators.
The business helped create “the first marine bioactive derived from sustainably farmed seaweed”, which created skincare formulations and biodegradable water-based ink used in textile, printing, and packaging applications.
Oceanium marketed its products as “unique, eco-friendly alternatives” but appointed James Fennessey and Blair Milne, of Azets’ Restructuring & Insolvency in Glasgow, as joint administrators after the firm was “unable to secure the funding required to continue operations,” according to The Herald.
The firm’s trade and assets have been acquired by the London-based Juno Mara Limited following an independent marketing process.
The sale included the company’s technical data, patents, and branding, which a spokesperson for Azets said will ensure the “continuation of Oceanium’s mission to catalyse the seaweed industry for ‘People Health’ and ‘Ocean Health’”.
They also confirmed that two jobs were lost at the time of administration.
The spokesperson added: “Oceanium’s assets were acquired through an independent marketing process and the new company will focus on commercialisation of Oceanium’s seaweed-derived bioactive and food ingredients.
“At the time of administration, two commercial jobs were preserved and two R&D jobs were made redundant.”
An administrator's report stated that the Oban-based business was in its “early-stage” and was focused on research, development and commercial scale-up.
It added: “It received support from a combination of private investors, impact funds and public bodies, including Innovate UK, the European Commission and sustainability-focused venture capital investors.
“The company consistently required new investment to operate, with ongoing losses driven by research and development and staffing costs.”
It comes after the Glasgow-based BGL Contracts Limited ceased trading and fell into the hands of administrators, resulting in the loss of 40 jobs earlier this week.
BGL Contracts Limited had specialised in sub-contract work and provided electrical fit-out to clients across several sectors, including leisure, hospitality, automotive and retail.
Alistair McAlinden and Geoff Jacobs, of Interpath, have been appointed joint administrators of the firm.
