Scottish seaweed start-up, Seaweed Enterprises, has acquired the assets of the collapsed Mara Seaweed and announced plans to develop a processing facility.

The Fife-headquartered firm has retained seven jobs after buying Mara’s assets from the administrator and has secured private investment.

Seaweed Enterprises has been set up by Pete Higgins, CEO, who is experienced in getting businesses investor ready and scaling for growth. He has been joined by the senior team from Mara Seaweed – Arnie Sathiy and Clare Dean.

Production is focused on a site in Glenrothes and the firm’s goal is to broaden its revenue base across a range of commercial opportunities, from the food industry to skincare and agri-business such as fertilisers and feedstock.

Mr Higgins said: “Seaweed is an extraordinarily beneficial natural resource whose potential is not yet fully realised, so this is a tremendously exciting time for Seaweed Enterprises and the sustainable seaweed sector as a whole.

“Working in partnership with Scottish seaweed farmers, as well as the large volume from our licence to wild harvest granted by the Crown Estate, we are proud to be developing innovative products to the highest standard. Our state-of-the-art facility will offer not only volume much needed by many customers, but importantly the versatility and refinement for higher value items.”

Commenting on the sale of Mara Seaweed, joint administrator Callum Carmichael, partner FRP Advisory said: “The sale is a great result for everyone involved with Mara Seaweed in particular the staff, suppliers and extensive customer base.

“It is particularly rewarding that seven jobs have been saved and the future of an innovative food processing business has been secured.

“We are extremely grateful for the support we received during the administration and wish the new owners every success with their acquisition.”