Contact: Alison Davies
Deloitte
Media Relations
+61 (0) 2 9322 7731

Rabobank has appointed Deloitte partners, John Greig and David Lombe, as Receivers and Managers of the Sam’s Seafood Group, due to deteriorating profitability of the Group.

Sam’s Seafood distributes and processes a wide range of fresh and frozen seafood for the local and export markets.  In addition, Sam’s Seafood operates restaurants on the Gold Coast and Brisbane, as well as a chain of fast food franchises in Queensland and New South Wales.

Headquartered in Brisbane, Sam’s Seafood has an annual turnover of approximately $70 million and in excess of 340 employees throughout Queensland and New South Wales.

Deloitte partner and Receiver, Mr John Greig, said “we will trade the core business of Sam’s Seafood as normal during the receivership while the financial position of the Group is determined and options for the future of the business are assessed.”

“We will conduct a thorough financial and operational review of the businesses and look to develop a plan to restructure the Group to enable it to continue to operate,” he said.

In a recent announcement made by the Group, the chairman of Sam’s Seafood Holdings Ltd, Mr Graham Denovan, advised his retirement as both Chairman and Director due to personal reasons.

Mr Greig’s appointment to Sam’s Seafood follows Deloitte’s successful restructure and relisting of Global Seafood Australia Ltd, another Queensland-based seafood wholesale operation which he oversaw after being appointed Voluntary Administrator in February 2004.