4 Sep 2008

Sanford buys 13% stake in Bluff Oyster Fishery

11:22 am on 4 September 2008

The listed fishing firm Sanford has fulfilled its its long term desire to buy a stake in the Bluff Oyster Fishery.

The move is part of an agreement to buy the fishing assets of the Southland based Jones Group.

The deal includes a 13% stake in the Bluff Oyster Fishery, about 500 tonnes of inshore species, and another 500 tonnes of deepwater fish.

Sanford managing director Eric Barratt says the move allows it to expand its operations in Southland, where it has extensive fishing and agriculture interests in Stewart Island and processing plants in Bluff.

Earlier this year the company tripled its half-year net profit thanks largely to the sale of a stake in a Canadian fishing company.