Rarotonga Fresh Fish Business for sale

Invest now - great future potential! Vendor will give ongoing training and assistance!

Ocean Fresh Limited is for sale. This premiere Rarotonga based fresh fish company which holds the dominant position in the Cook Islands retail and wholesale fish markets – has decided to sell the business as a going concern. This decision represents your opportunity to own Ocean Fresh Ltd.

To enquire about purchasing all the shares in Ocean Fresh Ltd and running your own ship, contact the vendors sole selling agent:

Jim Lewis, NZMB, +64 3 443 4649, mail@nzmb.com

SKU: 964 Category:

Additional information

Overview

Ocean Fresh Limited is a fantastic niche fishing opportunity.
• First quality fishing vessels which just keep on fishing – quick turnaround – doing something like 22 trips per annum, (when including Zambucca).
• Keen Fijian crews – responsible, passionate, motivated and well paid – therefore happy.
• First quality fish comes to the fish processing plant within 1 hour of vessels return to port.
• First class fish processing rooms plus as new chiller and freezer (walk in).
• The only fresh fish store in Rarotonga.
• Originally built on fish exports but now the local market is strong enough to give the operator great returns – some exports undertaken eg. Bigeye but most other stock is sold locally hours after landing.
• Good shore based facilities available under lease / heaps of fishing vessel spares / great storage for packaging and similar / two beautiful ice plants now working plus one up your sleeve.
• We were impressed with good team work of the small shore based crew – good morale – good accounting and billing.

Included in the sale of OFL shares

• 2 fully maintained and full equipped commercial surface longline fishing vessels, FV Wairau and FV Gold Country.
• Certified fish processing plant based near Rarotonga airport.
• All processing tables, trolleys, ice spades and slurry bins in processing room.
• Shop fixtures and walk in chiller and freezer and 2 x commercial ice towers.
• All shop equipment including loose display cabinets, trays, tills and scales.
• 2 x ice towers and ice plants.
• 1x ice plant in stock (used, but serviced and ready to go).
• 1x truck and ice chutes.
• 2x 20ft reefers.
• Goodwill including the value of the 2 x fishing licenses.

Further items to be purchased

Further items to be purchased as at possession date at agreed values or failing agreement at valuation;
• Comprehensive stock of vessel spare parts for FV Gold Country and FV Wairau. Approximate value of stock on hand as at May 2018 is NZ$60,000.
• Stocks of spare hooks, floats and mono. Approximate value as at May 2018 is NZ$20,000.

Further items of stock to be purchased

Further items of stock to be purchased as at possession date from vendor “at cost”;
• Stocks of packaging. Approximate value of packaging as at May 2018 is NZ$20,000.
• Stocks of bait. Approximate value of bait – expected – as at July 2018 is NZ$45,000.

Option to purchase FV Zambucca

• Purchaser of the shares to have an option to purchase FV Zambucca.
• All accident damage and all related damage to equipment caused by the accident is being completely repaired or where appropriate replaced or refurbished and in addition the vendor has taken the opportunity to completely recondition the main engine (top end and bottom end) and its gearbox (whilst other repairs are being undertaken).
• Fixed price for the option at NZ$700,000 plus VAT. This price is calculated on the following basis – vessel to pass extensive sea trials, vessel to be satisfactorily re-surveyed and survey paperwork to be issued and in the hands of the vendor – prior to end September 2018.
• Option to be exercised by purchaser prior to the last day of September 2018 and the vessel to be paid for in full by Friday 21st September 2018 at which time possession shall pass to the purchaser.
• Additionally there is a stock of spare parts in the vendors store for Zambucca – this stock to be purchased as at 21st September 2018 at agreed values or failing agreement at valuation.

Lease

Vendor will grant lease.
The Vendor shall make available to the Purchaser a lease of part of premises at Main Road, Panama, Rarotonga (that part of the premises set out in the attached diagram), the area to be leased is the current retail shop, two parking spaces in front of shop, chiller and freezer area and process rooms behind shop (all ground floor), associated store room upstairs above the fish processing area, 2 x ice tower platforms, land in the alleyway on which two 20ft containers sit. This lease to commence on possession date and to run for a 6 year initial period with 4 x renewals, each of 6 years. Rent reviews each 3 years throughout the term of the lease. The approximate area leased (floor area inside the main building) is 285.47sqm plus additional areas outside the building (car parks, land on which is based the two ice tower platforms, the land on which the 2x containers sit). For the initial term, rental to be $40,000 per annum plus VAT, payable monthly in advance by payments of $3,333.33 plus VAT per calendar month.