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VSV buys out Glófaxi

Published by FiskerForum, 23-07-2017 · info@fiskerforum.dk

Westmann Islands fishing and processing company Vinnslustöðin (VSV) has acquired all of the shares in another island company, Glófaxi ehf, and takes over the company on the 1st of September.

The purchase agreement has been signed and is subject to approval by the monopolies authority. No purchase price has been made public.

Glófaxi is owned by Bergvin Oddsson and his family, and operates purse seiner Glófaxi VE-300 and netter/longliner Glófaxi II VE-301. The company goes back to 1974 when Bergvin Oddsson, Hrafn Oddsson and Sævaldur Elíasson bought Glófaxi VE-300 and established fishing company Snæfell. In 1986 Bergvin Oddsson bought out the other partners and the company name was changed to Útgerðarfélagið Glófaxi in 1994

Glófaxi II and 50 tonnes of cod-equivalent quota are being retained by the vendors.

The purchase increases VSV’s quota holding by 800 cod-equivalent tonnes.

According to VSV managing director, the initial approach was made by Glófaxi’s owners.

‘Bergvin Oddsson and his family offered us the option of purchasing the company with its quotas and vessel. We are grateful for the trust and confidence that the family has shown us,’ he said.

‘It’s VSV’s policy to keep fishing rights in the community whenever possible. Our outlook and that of the vendors coincide and are in line with the interests of the community and the commercial life of the Westmann Islands.’

Source: VSV

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