Catalano's Seafood placed into voluntary administration

Administrators from McGrathNicol have been called in to lead a potential sale or restructure of ASX-listed Catalano's Seafood, which has operated in WA since the 1960s. 

Shares in Catalano's had been suspended since October 2 after it failed to meet its periodic reporting requirements with the ASX. 

A statement was posted to the market late on Wednesday afternoon advising Catalano's Seafood, which listed on the ASX in March 2022, had been placed in voluntary administration. 

"The Administrators intend to operate the business ‘as usual’ while undertaking an urgent assessment of Catalano's and its business and assets and explore options for the sale and/or recapitalisation of Catalano's," the statement from McGrathNicol read. 

"Whilst in Administration, the shares of Catalano's will remain suspended from trading. The Administrators intend to provide shareholders with updates in due course on the ASX platform."

A first creditors meeting is expected to take place on October 30, with a time and date to be issued in the coming days. 

A preliminary financial report in August showed the company was due to book a $2.9 million loss for the 2023 financial year, despite revenue improving 7 per cent to $15.5 million. 

Catalano's Seafood's executive chairman Michael Liew agreed to lend the business $200,000, according to an ASX notice from September. 

Catalano's listed on the ASX in a $6 million IPO last year with plans to expand to the east coast. 

The Nick Catalano-helmed company was formed when family patriarch Francesco Catalano purchased a Cannington fish and chip shop in 1969.

Business News was unable to reach Catalano's for comment.