Napier’s Takitimu Seafoods shuts down

Takitimu Seafoods is shutting down its retail store, online store and wholesale business in Ahuriri, affecting 33 staff. Photo / Warren Buckland

Ngāti Kahungunu’s fisheries business Takitimu Seafoods is shutting down after years of financial struggle due to Covid-19 and Cyclone Gabrielle.

The company announced on Tuesday it will close its retail store, online store and wholesale business in Ahuriri.

The decision affects 33 staff and comes about a year after a large restructuring in response to a loss of about $7 million over three years closed the Hastings fish and chip shop and cut the total number of staff in half.

Takitimu Seafoods Limited has now reported three years of financial losses, totalling $14.9m, to its shareholder Ngāti Kahungunu Asset Holdings Company (KAHC), the investment arm of Ngāti Kahungunu Iwi Incorporated.

KAHC chairman Trevor Moeke said that with a six-week closure due to Cyclone Gabrielle and ongoing financial losses likely, KAHC recommended to the Ngāti Kahungunu Iwi Incorporated board that the business be closed down.

“We have been working hard to right the waka over the last nine months, but ultimately, the business has a directive to be profitable for our iwi so it can protect the interests of its members, and at the moment, it isn’t a viable operation,” Moeke said.

“The iwi has a long-term strategic vision to ensure the wellbeing of its people, and we need to focus our financial resources on other business opportunities - to explore new opportunities as they arise [and] create a financial return that ensures Ngāti Kahungunu delivers positive outcomes for its people, now and well into the future.”

Cyclone Gabrielle shut down all operations initially due to electricity and telecommunication outages, and then checks for damage needed to be done to the buildings and equipment, along with supply chain issues and rāhui that prevented fishing boats from leaving port.

Takitimu Seafood Limited chairman Ngahiwi Tomoana said it was a difficult decision to close permanently, and the priority now is to support the 33 full-time and part-time employees.

“We have tried everything from a restructure last year to cutting back on operational costs, but the business is unlikely to return a profit for some time, which it is expected to do,” Tomoana said.

Management and the board met with staff on Tuesday as part of its consultation process.

Takitimu Seafoods offered to pay permanent staff eight weeks’ pay, while the iwi has re-established its Manaaki Support Centre, which was successfully used during the restructure last year to help staff who lost their jobs by offering new employment through other companies and partners associated with the iwi.

Ngāti Kahungunu Iwi Incorporated chairman Bayden Barber said that although the decision not to re-open was difficult, it was also prudent and in the best interests of the iwi and its people.

“It enables our investment entity to focus its efforts on the assets that are performing well and have a greater chance of financial success. It’s a bottom line that our business interests are profitable, as they ensure we enhance the mana and wellbeing of Ngāti Kahungunu,” Barber said.

“Tukuna kia moe hei ara ake anō tō tātou iwi – put Takitimu Seafoods to rest so that we may replenish our people.”

A statement from Ngāti Kahungunu said the closure would not impact the fishing quota partnerships with Moana NZ and Sealord.

Tomoana said Takitimu Seafoods will work with its current creditors.

The company has been owned by Ngati Kahungunu Iwi Incorporated since 2019, and was formerly known as Hawke’s Bay Seafoods before being bought by the iwi.

It was established to be a vehicle connecting iwi members and whānau to their fishery assets and rights, which were settled nearly 20 years ago.