BIM invites Mayo seafood businesses to join advisory programme
SEAFOOD businesses in Mayo are being encouraged to strengthen their competitiveness and prepare for future challenges through BIM's Seafood Business Advisory Programme.
The programme provides practical, tailored support to help seafood businesses improve profitability and long-term sustainability. And with an estimated 85 per cent of Irish seafood businesses family owned, it also helps guide companies through succession planning.
A panel of experienced business advisors will work directly with individual companies to identify areas for improvement and support the implementation of cost-effective solutions. The knowledge and experience gained through the programme will help strengthen the wider seafood sector by sharing best practice and building industry resilience.
Blackshell Farm, a second-generation organic mussel business based in Westport, has gained significant insight into the financial performance of its operations following tailored business and financial planning support from BIM.
The programme offers support across three disciplines: helping seafood businesses improve financial performance to plan for long-term sustainability; preparing for succession, ensuring family-owned enterprises can successfully transition to the next generation or exit, and business mergers and acquisitions.
One of the key areas of support is financial performance, where advisors work alongside businesses to understand exactly where profits are being made and where they may be leaking away.
Blackshell Farm produces around 900 tonnes of rope-grown mussels annually in Clew Bay, with most exported in bulk to markets including France, Italy, the Netherlands and the UK. It also manufactures biodegradable cotton mesh for mussel farming and operates engineering and marine services businesses. Across its activities, Blackshell employs nine people.
According to Joan Mulloy of Blackshell Farm, the engagement with BIM developed from wider discussions about some of the challenges facing Ireland's mussel sector, particularly low prices and profitability.
“We were talking to BIM generally about how we could improve the mussel industry, including the sales price and building a stronger reputation and brand for Irish mussels. But we also wanted to look more closely at our own costs and seeing where we could become leaner and more efficient,” she said.
Following those discussions, Blackshell were connected with BIM's Seafood Business Advisory Programme with experts working directly with Blackshell to examine the business in detail. The process involved going through its accounts, bookkeeping systems, company structure, sales activities, costs and pricing with a fine-tooth comb.
The resulting report identified a series of practical actions for Blackshell, including ways to simplify accounting practices and improve the structure of the business. The review also uncovered some accounting issues which, Jane says, have already saved the company a substantial amount of money.
“It was very practical, very relevant and completely bespoke to our business. We have had different types of business support over the years, some more useful than others, but this really helped us to look strategically at how we manage the financial side of the company.”
One significant outcome is the restructuring of Blackshell's operations, including bringing two companies together into one and changing how management accounts are prepared. This will allow the company to see overall performance while also drilling down into individual business streams.
Crucially, the work will give Blackshell far clearer visibility on its production costs.
“Before, we couldn't easily pull out the exact cost of producing a tonne of mussels. We will now be able to do that, something which is extremely valuable. We don't set the market price, but if we know our exact costs, we can make a much better decision about whether it makes sense for us to enter a particular market.”
That information will also support future strategic decisions, including whether Blackshell should expand further into the higher-value Irish fresh mussel market.
For Joan, the value of the BIM programme lies in its practical application: “It was an amazing opportunity to have experienced people come in and really examine the nuts and bolts of the business. It has given us much clearer visibility and will allow us to make better-informed decisions in the future.”
BIM CEO, Richard Donnelly, said: "Ireland's seafood industry continues to operate in an increasingly challenging environment, with businesses facing rising costs and changing markets. The Seafood Business Advisory Programme is designed to give seafood companies access to experienced financial advisors who understand the realities of the sector and can provide practical, tailored support that delivers measurable improvements.
"Whether the priority is improving profitability, planning for the next generation of leadership, or mergers, the programme gives businesses an opportunity to step back, identify opportunities and build stronger, more resilient operations for the future."
He added: “One important area of support is succession planning. Most Irish seafood businesses are family owned, with two or sometimes even three generations working together. Planning on handing over to a new generation is vital.”
Mayo businesses interested in accessing the programme should contact Gavin McGrath, commercial operations executive, BIM, at gavin.mcgrath@bim.ie to discuss the opportunities or challenges they would like to address.