A South West fishing enterprise with a lineage stretching back to 1740 has entered a new chapter. Ocean Fish Group, widely regarded as Cornwall’s oldest fishing and processing import export business, has been purchased by Falkland Islands based Fortuna Ltd. The move brings together centuries of heritage and a new wave of international ambition. It also places the Ocean Fish acquisition by Fortuna at the centre of a striking moment for the UK fishing landscape.
Ocean Fish has supplied retail, wholesale and, more recently, food service customers across the UK and Europe. Its reputation has grown quietly yet steadily, supported by a blend of tradition and commercial agility. Now, with the Ocean Fish acquisition by Fortuna complete, the group is positioned to scale further.
Fortuna is the largest fishing company in the British Overseas Territories. Through its various holdings it is the top quota or licence holder in the Falklands for Loligo and Ilex squid, finfish and Patagonian Toothfish. It has also secured exclusive rights to fish for lobster in the Tristan da Cunha archipelago from 2027. The company is known for range, reach and expertise. Its first steps into the UK industry arrive with substantial weight.
Ocean Fish was previously majority owned by the Lakeman family, who have fished Cornish waters for generations. Their stewardship included key acquisitions such as W Stevenson and Sons in Newlyn, and a joint venture with Chapman’s of Sevenoaks. These helped place the company firmly in wholesale, foodservice and retail markets. The Ocean Fish acquisition by Fortuna now seeks to carry this momentum forward.
Leigh Genge, continuing chief executive and remaining minority shareholder, described the agreement as a meeting of like minded businesses. He emphasised the cultural and commercial alignment and highlighted the aim of delivering turnover of ÂŁ100m by 2030. He said the strengthened vertically integrated supply chain will provide access to new global markets and product synergies. He also noted that the Lakeman legacy is in safe hands.
James Wallace, managing director of Fortuna Ltd, called the purchase a significant development for the company. He pointed to the opportunity to diversify further and unlock synergies between the two groups. He welcomed Ocean Fish into the Fortuna family and affirmed respect for the Lakeman heritage. As the Ocean Fish acquisition by Fortuna settles, both leadership teams appear unified in purpose.
The deal received support from HSBC, Michelmores, Andrew Jacksons, FRP Advisory and Kreston Reeves.
