Algal Omega 3 Ltd - Administration

Algal Omega 3 Ltd, an omega-3 oil supplier based in the Liverpool City Region which employs more than 40 workers, entered administration on 27 May.

The company has reportedly struggled to remain competitive internationally due to increasing production costs and was forced to enter into administration after it lost its last remaining contract.

Joint administrators Stuart Irwin and Richard Harrison of Interpath will commence an accelerated M&A process to market the business for sale, while the manufacturing plant remains operational.

National Bank of Canada and Mara Renewables Corporation as Security Trustee have registered charges against the company.