Falkland Islands-based fishing company Fortuna Ltd has acquired Cornwall’s long-established Ocean Fish Group, marking a significant expansion into the UK seafood industry and opening a new chapter for one of the region’s oldest fishing and processing businesses.
The deal brings together two vertically integrated operators with deep roots in their respective fisheries, paving the way for expanded global market access, product synergies, and new growth opportunities on both sides of the equator.
Fortuna, the largest fishing company in the UK’s Overseas Territories, manages substantial quota holdings in Falklands waters — including loligo and ilex squid, finfish and Patagonian toothfish — and recently secured exclusive rights to the Tristan da Cunha lobster concession from 2027.
The acquisition of Ocean Fish marks the company’s first strategic step into the UK’s domestic seafood sector.
Ocean Fish, previously majority owned by the Lakeman family, is Cornwall’s oldest fishing, processing and trading business, supplying major supermarket, wholesale and foodservice customers across the UK and Europe. The company has grown through key acquisitions, including W Stevenson and Sons in Newlyn, and a joint venture with Chapman’s of Sevenoaks.
The partnership with Fortuna strengthens Ocean Fish’s supply chain and offers access to new species, global markets, and increased operational support.
CEO Leigh Genge, who remains a minority shareholder and continues to lead the UK business, said the deal aligns two companies with shared values and ambitions.
“Our unique and vertically integrated supply chain just became much stronger with access to new global markets, product synergies and new species for the UK,” Genge said. “The Lakeman family heritage is in safe hands.”
Genge said the strengthened group is targeting £100 million in turnover by 2030.
Fortuna Managing Director James Wallace said the move enhances the company’s diversification and creates significant commercial opportunities. “Ocean Fish Group is unique in its vertical integration, and we are very excited to help deliver its impressive plan for growth,” he said. “We are delighted to welcome them into the Fortuna Group and build on the legacy of the Lakeman family.”
Both companies emphasised their commitment to Cornwall’s fishing heritage and the broader economic importance of seafood to local communities.
With Ocean Fish’s established UK supply links — spanning catching, marketing, processing, wholesale, retail, export, and foodservice — combined with Fortuna’s deep resource base and international reach, the partnership positions the merged group as a more influential player within the UK and global seafood sectors.
The acquisition was supported by HSBC, Michelmores, Andrew Jacksons, FRP Advisory and Kreston Reeves.
