Hansegarnelen AG: Insolvency in Grevesmühlen – What now for the employees?

Hansegarnelen AG: Insolvency in Grevesmühlen – What now for the employees?

The aquaculture industry in Germany is facing new challenges: Hansegarnelen AG, based in Glückstadt, has filed for bankruptcy. This was announced by management on June 30, 2023 and is the result of an “unexpected funding gap” that has placed the company in a critical position. Hansegarnelen operates aquaculture at three locations, including Grevesmühlen, where the breeding facility was only opened in 2020. The entire company employs ten people, three of whom work in Grevesmühlen. Despite the insolvency, business operations at all locations will continue “unchanged and in full”, so that services can continue to be provided and orders can be processed. The employees' wages and salaries are secured through the insolvency benefit for the next few months, which at least temporarily gives employees some security. The chairman of the board, Rupert Baur, has initiated legal restructuring proceedings in order to preserve the company's ability to act. Berend Böhme, a Bremen lawyer, was appointed as provisional insolvency administrator.

The fact that Hansegarnelen has gotten into economic difficulties is not the first case in the region. In January 2024, the shrimp farm in Anklam had to close its doors. In addition, production of Cara Royal in Grevesmühlen has been at a standstill since 2024 after the state provided support of over 750,000 euros. Aquaculture in Mecklenburg-Western Pomerania has already had to overcome many challenges, so the current news doesn't seem to be entirely out of thin air. According to ostsee-zeitung.de Hansegarnelen is not the first company in the region to do this struggles with problems.

Investments and future prospects

Hansegarnelen has invested a lot of money in the development of its locations in recent years, particularly in the breeding facility in Glückstadt, Europe's largest recirculating facility for shrimp farming. Up to 85 tons of shrimp are said to grow there every year. The company has positioned itself as a “pioneer in climate-friendly aquaculture”, with the aim of ensuring sustainability and high quality in production without the use of antibiotics. The breeding is almost climate-neutral, which makes the location particularly attractive for retail and luxury restaurants. This shows that despite the current difficulties, there is potential for positive development if the financial hurdles can be overcome. This innovative strength is important because the German aquaculture sector is described as stagnating overall, which is due to unfavorable conditions and insufficient research, as bmel.de describes.

Hansegarnelen AG could be facing a decisive turning point. On July 3, 2023, Rupert Baur plans to provide information about the current status of the restructuring process and further steps. If the right measures are taken, the company could not only survive its crisis, but also emerge stronger from it. The future will show whether Hanseatic shrimp can actually become a positive example for aquaculture in the region.