Last year, when Shetland-based cod-farmer No Catch claimed it was seafood's first credit-crunch victim, it seemed a bit disingenuous. Given the firm's high cost base -- particularly its heavy spending on marketing and promotion -- it seemed more likely the company was simply not being run very well, in spite of its high profile.
Given what we know now -- the firm's primary backer Kaupthing went down just a half-year later -- No Catch was not only right but it was offering a glimpse into a tough future for small-scale and "non-core" aquaculture species.
This
