Overseas investment decision for case 202400081 - Westfleet Seafoods Limited

Westfleet is a vertically integrated New Zealand based fishing company that has ownership of quota, wharf facilities, processing capacity and a distribution chain. Westfleet has a strong connection with Westland and a long history of fishing in the waters off the West Coast of the South Island.

Westfleet is a joint venture between Endurance Fishing Company Limited and Sealord Group Limited. It is an overseas person because Sealord is half owned by Japanese interests.

Westfleet operates five vessels out of Greymouth and in 2014 built a wetfish factory (dealing with fresh fish as opposed to frozen or cooked fish) and a large chiller at its Greymouth base of operations. Westfleet is a significant employer in the Westland region.

Westfleet intends to target Ling, Tarakihi, School Shark and Blue Warehou, among other species.

The Acquisition of the Quota will likely result in increased efficiency (due to economies of scale), and will likely improve the viability of the Applicant’s business by providing increased operational flexibility to avoid the risks associated with over reliance on one particular fishery or species, thus making existing jobs more secure.

Consent was granted as the Applicant has met the investor test criterion, the interest in quota was capable of being registered in the Quota Register and the investment is likely to benefit New Zealand.