Tantalizers joins forces with US firm to boost fishing operations
Tantalizers Plc, one of Nigeria’s fast-food pioneers, has announced its expansion into Nigeria’s blue economy sector with the acquisition of 10 fully equipped modern trawlers and partnership with a US-based marine group Quinn Fisheries and Harvester Fishing, led by Charles Quinn.
The company said in a statement on Tuesday the strategic move is in line with its ongoing diversification strategy aimed at leveraging new growth opportunities across critical sectors of the Nigerian economy. The deal was signed in New Bedford, Massachusetts.
“The acquisition of the 10 trawlers, fitted with modern technology to support deep-sea fishing operations, marks a significant milestone in the company’s entry into the blue economy space — a sector increasingly recognized globally as a major driver of sustainable economic development,” the statement said.
It added that the vessels by the MOU executed between Tantalizers and the Consortium is scheduled to be delivered to Nigeria from their current base in Honduras and New Bedford, USA by May 2025. The emerging Tantalizers’ subsidiary, Tantalizers Fisheries Limited will deploy the trawlers to boost commercial fishing operations and enhance Nigeria’s position in the global seafood value chain.”
Rob Speijer, the company’s group managing director of Tantalizers Plc, said the acquisition and partnership will “transform Tantalizers into a Nigerian multinational and deepen our in-road to a fully diversified ‘foodtainment conglomerate’ with interests spanning entertainment,
quick-service restaurant chain, fisheries, seafood processing and export.”
Quinn said, “Nigeria has always been on our mind as a good source of protein for the American market, this partnership and delivery of initial 10 trawlers provides us with a strong foothold into the rich aquatic resources in the West African Ocean. We are super excited to see this dream come true at Tantalizers.”
The company also added that it has commenced preparatory work to establish a world-class seafood processing and cold chain facility in Nigeria to support its deep-sea fishing operations. “This facility will ensure value addition, quality control, and product traceability, all of which are critical for accessing premium export markets in Europe, Asia, and North America.”
MarketsReporters previously reported that the company saw its loss after tax narrow by 8.6% last year. It reported a loss of 265.6 million for the fifth consecutive year from N290.7 billion in 2023.
Revenue rose to N1.19 billion from N 1.17 billion and cost of sales grew to N773.3 million from N742.3 million. The company saw its financial cost drop to N69.7 million from N105.3 million.
