Seal scarer to float on stock market

News
572

A company that makes high-tech repellent systems to scare predators such as seals away from salmon farms is preparing to float on the stock market.

Otaq, based in Argyll, Scotland has sold more than 600 of its Sealfence protection systems to clients such as the Scottish Salmon Company and Marine Harvest since launching in 2014.

The compnay is predicted to reach a valuation of between £10m and £12m according to the Times.

Read more: Sea lion kill bill picks up speed in US

Using underwater ultrasonic projector the system creates an acoustic fence around fish cages that are unpleasant for hungry mammals.

Seals are highly efficient predators and the damage to salmon in fish farms is severe PHOTO: Otaq

The company was set up as a design consultancy in 2005 by Richard Eldridge, 76, a former mechanical engineer and chartered accountant. The business is expected to make pre-tax profits this year of between £1.25m and £1.7m from sales of about £4m. Eldridge has recently stood down and has been replaced by Jag Mundi, former head of corporate finance at Numis.

Property tycoon Nigel Wray, the owner of Saracens rugby union club, owns about 10% of the company as well as shareholders such as Steven Hemsley, chairman of Domino’s Pizza.