The founder and managing director of Lancashire, UK-based trader Oceanic Seafoods has bought out processor Three Oceans Fishing to take 100-percent control of the company.

Previously, the company was owned 50 percent by Jim Welsh and 50 percent by Hull-based processor and distributor Three Oceans.

Last week, Japan's second-largest seafood company, Nippon Suisan Kaisha (Nissui), acquired 75 percent control of Three Oceans.

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Oceanic Seafoods imports and exports frozen seafood primarily, with a focus species from the North Atlantic, Pacific Ocean and Barents Sea.