THISTLE SEAFOODS LIMITED

🌳Matureactive

SC223362 · ltd · incorporated 2001-09-19

Investment thesis

Established operating company — standard diligence applies, no dominant angle.

Why interesting: Live, filing, normal profile.

Why risky: No standout signals in either direction.

🔒Estimated value

—

Upgrade to see

Turnover

£161.38M

year to Dec 2024

Net worth

—

book net assets

Opportunity

75/100

Strong

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What this business does

Primary activity: SIC 10200

Sector: Manufacturing

ALSO REGISTERED FOR

46380Wholesale of other food, including fish, crustaceans and molluscs

Investor take

Pursue

Strong opportunity: leverage-led grower with strong profile and acceptable with review structure.

Opportunity 75/100 (strong), bankability 57/100. Biggest value-creation lever: Consolidate lender relationships. 7 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (77/100).

🏦

Refinance opportunity

14 live charges · 7 lenders · oldest 24.5y

25/100

too messy

Structure is too messy for a clean refinance right now — clean up first or expect bespoke terms.

· Oldest live charge is 24.5 years old — likely at or near maturity.
· 7 lenders named — inter-creditor friction likely.
· Legal-friction score 45/100 (high).

Data confidence

Overall: medium (79/100)

Adequate coverage. AI outputs are reliable for the sections scored high; verify the rest in diligence.

Company profile

address, 2 SIC codes, incorporation date

100

Financials

2 years of iXBRL accounts extracted (YoY deltas available) + narrative notes parsed

Lenders & charges

14 charges (14/14 with lender, 14/14 with type)

Directors & officers

22 officers (7 active, 22 linked, 15 with DOB)

Ownership & PSC

1 active PSC(s) of 1 total, 1 with control declared

Director network

2 connected companies via shared directors

Filing history

153 filings on record

Gazette notices

No matching gazette notices (standard for active companies)

🔒Estimated company valuation

Sector-multiple EBITDA, turnover, and NAV-proxy valuation range with confidence tier — derived from extracted iXBRL financials.

Available from the Pro tier upwards.

See pricing →

Opportunity Score

75/100Strong

PassWatchWorth a lookStrongExceptional

Solid opportunity signal. Worth a dedicated memo and management meeting.

Business quality

Adequate — check latest filings for context.

Acquirability

Strong succession / seller-readiness signals.

Risk profile

Few red flags.

Signal strength

100

Good data coverage for analysis.

Signals from accounts

Derived from iXBRL accounts · FRS 102

Profitable

Profit before tax £3,687,000

Key financials

2 years extracted from filed iXBRL accounts

Cash

—

Net Worth

—

Current Assets

—

Current Liabilities

—

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · FRS 102

Metric	2024-12-31	2023-12-31
Turnover	£161.38M	—
Gross profit	£23.79M	—
Operating profit	£4.31M	—
Profit before tax	£3.69M	—
Average employees	58800	47400

Amounts extracted automatically from iXBRL. Fields left blank were not reported or not mapped. Values in GBP unless stated.

🔒Filing-note intelligence

3 signals detected in this company's narrative notes — going-concern language, audit opinion, contingent liabilities, related-party transactions.

Available from the Pro tier upwards.

See pricing →

Recent activity

Last 30 days

filings

• 3 officers

Last 90 days

filings

• 3 officers

Last 180 days

filings

• 3 officers

Counts from Companies House filing history.

Corporate timeline (82 events)Click to expand

2026-05-11
📄
change-person-director-company-with-change-date
officers · CH01
2026-05-11
📄
appoint-person-director-company-with-name-date
officers · AP01
2026-05-01
📄
appoint-person-director-company-with-name-date
officers · AP01
2026-04-01
➕
MACFARLANE, Robin Ker appointed
director
2026-04-01
➕
PORTER, Michael John appointed
director
2025-10-03
📄
appoint-person-director-company-with-name-date
officers · AP01
2025-09-29
📄
accounts-with-accounts-type-full
accounts · AA
2025-09-01
➕
BROADHURST, Gayle appointed
director
2025-08-06
📄
termination-director-company-with-name-termination-date
officers · TM01
2025-07-31
➖
GRAY, Nicholas resigned
director
2024-09-26
📄
accounts-with-accounts-type-full
accounts · AA
2023-09-26
📄
accounts-with-accounts-type-full
accounts · AA
2023-06-09
📄
mortgage-satisfy-charge-full
mortgage · MR04
2023-06-09
📄
mortgage-satisfy-charge-full
mortgage · MR04
2023-06-09
🔓
Charge satisfied #13
2023-06-09
🔓
Charge satisfied #11
2023-03-10
📄
termination-director-company-with-name-termination-date
officers · TM01
2023-03-07
➖
CRICHTON, Donald James Shanks resigned
director
2022-12-29
📄
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2022-12-20
🔒
Charge registered #14
Lender: The Royal Bank of Scotland PLC as Security Agent
2022-10-31
📄
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2022-10-28
📄
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2022-10-21
🔒
Charge registered #13
Lender: The Royal Bank of Scotland PLC
2022-10-21
🔒
Charge registered #12
Lender: The Royal Bank of Scotland PLC
2022-09-21
📄
accounts-with-accounts-type-full
accounts · AA
2022-07-06
📄
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2022-07-06
📄
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2022-07-01
🔒
Charge registered #11
Lender: The Royal Bank of Scotland PLC
2022-07-01
🔒
Charge registered #10
Lender: The Royal Bank of Scotland PLC
2022-03-10
📄
change-person-director-company-with-change-date
officers · CH01
2021-12-10
📄
appoint-person-director-company-with-name-date
officers · AP01
2021-12-10
📄
termination-director-company-with-name-termination-date
officers · TM01
2021-12-01
➕
GRAY, Nicholas appointed
director
2021-11-30
➖
STEWART, Neale John resigned
director
2021-09-29
📄
accounts-with-accounts-type-full
accounts · AA
2021-01-13
🔒
Charge registered #9
Lender: Rbs Invoice Finance LTD
2020-12-08
🔓
Charge satisfied #6
2020-12-03
🔓
Charge satisfied #7
2020-11-02
🔒
Charge registered #8
Lender: The Royal Bank of Scotland PLC
2020-10-19
🔒
Charge registered #7
Lender: The Royal Bank of Scotland PLC
2020-09-10
➕
STEWART, Neale John appointed
director
2020-01-31
➕
MAIN, Stephen Alexander appointed
director
2020-01-31
➕
CRICHTON, Donald James Shanks appointed
director
2020-01-31
➖
SCATTERTY, Anthony John Alexander resigned
director
2020-01-31
➖
SCATTERTY, Elizabeth Aitken resigned
director
2020-01-31
➖
SCATTERTY, Lyndsay Elizabeth resigned
director
2019-08-01
➕
RAEBURN CHRISTIE CLARK & WALLACE LLP appointed
corporate-secretary
2019-07-31
➖
RAEBURN CHRISTIE CLARK & WALLACE resigned
corporate-secretary
2017-10-13
🔓
Charge satisfied #4
2017-10-13
🔓
Charge satisfied #5

Showing most recent 50 of 82 events

Owner dependency

58/100

Moderate — manageable with handover

Some founder dependency, but not acute. A structured handover period should cover most risk.

FACTORS

-6 active directors: Broader management team in place — suggests transferable governance.
+Long-tenure founder: Senior director has been in place 22 years — deep operational knowledge concentrated in one person.
+Senior director age: Director aged approximately 60 — approaching natural succession window.

Succession & seller-readiness

60/100

Strong succession signal

Multiple signals suggest succession is on the horizon. Candidate for proactive outreach.

SIGNALS

secondaryFounder aged 58+: Senior director is approximately 60. Early succession window.
primary20+ year tenure: Director in role 22 years. Very long tenure is a classic succession signal.
supportingClean filings + long tenure: Disciplined long-tenure operator — classic lifestyle-business pattern that often sells quietly.

Red flags

1 med · 1 low

Charge satisfaction-then-recreation pattern

medium

Multiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.

5 live charges

low

Heavily leveraged with multiple live security positions — understand the capital structure before proceeding.

Group structure

Scatterty Holdings Ltd is the ultimate parent — holding 75%+ shares. This company sits inside their group.

🏛️

Scatterty Holdings Ltd

Corporate parent · holds 75-100% shares

ultimate parent

⬇

THISTLE SEAFOODS LIMITED

This company · SC223362

Parent relationships inferred from Persons with Significant Control filings. Full subsidiary tree requires reverse-lookup (coming).

Shareholders & ownership

1 active beneficial owner · dominant holder ≥75%

Name	Shares	Voting rights	Nature of control	Notified
Scatterty Holdings Ltd Corporate entity	75–100%	—	75-100% shares	06/04/2016

From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.

🔒Co-director network graph

Radial SVG graph showing every company connected via shared directors, colour-coded by status.

Available from the Pro tier upwards.

See pricing →

Similar companies

Active · Food & drink · AB postcode area

Company	Est. value	Turnover	Net worth	Staff	Age	Opp	Director
KEPAK GROUP LIMITED→ SC440783 · est 2013	£32.76M £24.14M–£41.39M	£648.38M	—	147800	13y	89	75y
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED→ SC465482 · est 2013	£10.04M £7.40M–£12.68M	£55.24M	—	6600	12y	95	79y
MACKIE'S LIMITED→ SC030096 · est 1954	£8.51M £6.27M–£10.75M	—	—	115	71y	84	62y
STRATHCLYDE NUTRITION LTD.→ SC198829 · est 1999	£5.68M £4.18M–£7.17M	—	—	1	26y	80	55y
WILLIAM GRANT & SONS LIMITED→ SC131772 · est 1991 · no financials extracted	—	—	—	—	35y	83	67y
COLIN FRASER LIMITED→ SC236839 · est 2002	—	—	£690.5k	—	23y	82	65y
GRANITE CITY FISH LIMITED→ SC130588 · est 1991	—	—	£327.0k	—	35y	82	66y
GT SEAFOODS LIMITED→ SC241817 · est 2003	—	—	£2.21M	—	23y	82	62y
HOME BAKERY (BUCKIE) LIMITED→ SC104797 · est 1987	—	—	—	2600	38y	82	75y
J H MILNE (PETERHEAD) LIMITED→ SC181790 · est 1997	—	—	£723.9k	—	28y	82	75y
J.G. ROSS (BAKERS) LIMITED→ SC062889 · est 1977	—	—	£3.22M	—	48y	82	64y
M GEDDES LTD.→ SC277504 · est 2004	—	—	£176.6k	—	21y	82	63y

Peers ranked by estimated value, then turnover, then opportunity score.See all →

🔒Tailored diligence questions

7 specific questions generated from this company's actual signals — liquidity, leverage, director age, charge count, red flags, age-of-company.

Available from the Pro tier upwards.

See pricing →

🔒Advanced scoring suite

Exit-route ranking, improvement thesis, quiet-distress detector, covenant-pressure proxy, extraction monitor, approaching triggers, ownership drift, local cluster, value trap, debt capacity, archetype classification — 48+ scoring modules.

Available from the Pro tier upwards.

See pricing →

Company details

Statusactive

Typeltd

Incorporated2001-09-19

Jurisdictionscotland

Primary SIC10200 — SIC 10200

Registered office

Thistle Seafoods Limited Harbour Street

Boddam

Peterhead

AB42 3AU

Scotland

Filing status

Accounts

Next due: 2026-09-30

Last made up to: 2024-12-31

Confirmation statement

Next due: 2026-06-19

Last: 2025-06-05