A company which collects and sells wild harvested seaweed from the East Neuk of Fife has collapsed into administration.
A total of seven staff have lost jobs as a result of the collapse of Glenrothes-based Mara Seaweed. A further five are being kept on to assist with the sale of stock.
In 2021, it won £600,000 funding from the Scottish Government to scale up its operation
However administrators said the firm’s collapse was triggered by “severe” working capital issues following the withdrawal of funding for an expansion programme.
When the Scottish Government funding was announced, chief executive Fiona Houston said it would help to secure 10 jobs.
At the time, she said: “This funding will play a significant role in helping us be more energy efficient and meeting that target, while creating jobs.”
Mara Seaweed administration
Administrators Callum Carmichael and Chad Griffin, partners with FRP Advisory, will now market the brand and assets of the business for sale.
Mr Carmichael said: “Mara Seaweed had developed a very high profile and outstanding reputation within the food industry for its innovative approach to harvesting and for the quality of its products.
“The administration provides an opportunity for a business operating in the food seasonings sector, or an entrepreneur keen to enter the rapidly growing seaweed seasonings business.
“We would ask interested parties to contact the Edinburgh office of FRP Advisory.”
Support for staff
Mara Seaweed was founded in 2011 as Celtic Spice Company, before rebranding two years later.
Mara Seaweed is sustainably sourced under Crown Estate license from a 20-mile stretch of coastline around the East Neuk of Fife.
The firm processed the seaweed into premium ingredients and seasonings within 24 hours at its Glenrothes facility.
In 2019, the firm was included in Tesco’s incubator programme. It looks to help young, innovative suppliers grow and reach their potential.
The administrators added they will provide every support to the employees. That includes claims to the Redundancy Payments Office for any wages or entitlements due.
