Specialist Accountancy Services for the Seafood Sector
Trawling for financial advice for the seafood industry? You’re in the right place…
With our roots firmly established in the home of one of Europe’s most important and historic fish markets, we are well placed to offer advice to all businesses and organisations working within the seafood industry.
We currently provide financial advice for clients in the sector with a combined annual turnover of over £150m. Many of our seafood clients provide products for major UK supermarkets and retailers, but we have a wide ranging client base including fishing vessel operators, importers and food processors whom we have helped grow their businesses through sound financial and proactive practical advice.
How we can help
Our specialist team has decades of experience in dealing with seafood businesses, meaning that we understand the pressure on profit margins. Due to the nature of the industry, just a 1% movement in gross profit margins can have a significant effect on your results.
- help you evaluate the current financial performance of your business and pin-point any areas for improvement.
- support your applications for grants, finance and locating sources of funding, such as the European Maritime Fisheries Fund (EMFF) – see our latest business funding update for details.
- provide advice on dealing with the import and export of fish stocks and the relevant VAT implications.
- discuss accounting for foreign currency transactions and management of associated risks. Many of our clients purchase vast quantities of stocks from overseas and forward currency contracts can provide assurance over cost monitoring for importers.
- deal with complex capital allowance calculations and assist with any research and development tax relief available to your business.
- plan financially for any changes to quotas and UK rights in the uncertain times post ‘Brexit’ with changes likely to impact on future fish prices for all areas of the industry.
- review your current stock and computer systems to ensure they’re suitable for your requirements and provide the information you need on yields and profits on specific stock lines.
We are ‘silver partners’ with Xero, an award-winning cloud based product which has the capacity to integrate with external applications and allows you to record transactions on the move, rather than being tied to the office
In order to provide this level of support, and continue to help with business growth and wealth development, our specialist seafood team ensures that they are embedded within the industry.
The team previously serviced fish dock clients from offices at Grimsby fish docks and, despite the physical office move, we remain in contact with key industry professionals through alliances and working relationships with many local organisations serving the seafood industry, including the Grimsby Fish Merchants Association.
Supporting and working with these organisations enables us to understand the industry fully so that we can integrate any current or foreseen challenges into our seafood clients’ financial planning and forecasts.
The inherent risks of the price and availability of raw materials in the seafood industry mean that having a keen eye on cash flow and all other financial aspects of your business is vital. If your business could benefit from our services and support, please contact one of our dedicated seafood specialists:
Contact our Specialist Seafood Team
“As a seafood trade association we have a diverse membership, but our members have one thing in common: the need for sound, reliable and professional financial advice. Forrester Boyd, with its experience, adds value to sectoral representation. I’m delighted with the relationship, no matter how big or small, simple or complex the query is, I know I’ll receive a qualified, no nonsense answer.”
Steve Norton, Chief Executive, Grimsby Fish Merchants Association Limited