UK fish processor Ocean Fish acquired a majority stake in one of Europe’s largest beam trawl fleets, buying Newlyn Fish Market auctioneers W Stevenson & Sons.

Ocean Fish, through its parent company Vistgate, secured a "multi-million pound" finance package from HSBC to fund the acquisition, said the company.

Ocean Fish is Cornwall’s oldest fishing and processing import-export business, supplying large UK and European retail and wholesale customers.

The deal takes Ocean Fish’s fleet of fishing vessels to 19.

"The acquisition will help us to ensure Ocean Fish has a platform for continual development by offering a consistency in volume, range and quality of fish into UK and worldwide markets," said Managing Director Leigh Genge.