Australian prawn fishing business A Raptis and Sons has confirmed that it will cease operations after court-appointed administrators failed to find a buyer.
The administrators have cited issues such as increasing costs, reduced catch volumes, and an oversupply during the 2022-2023 season.
An affidavit revealed that Raptis' had equity of only around AU$26 million (US$18 million) whereas its outstanding debt to the National Australia Bank totalled AU$35.2 million (US$24.8 million).
In late 2025, two Raptis companies undertook a transaction process, during which time a number of potential investors expressed their interest. However, this effort proved unsuccessful, resulting in the administrators' appointment in early March of this year.
ABC News has reported that Raptis may soon begin selling off its assets as part of a winding down process expected to last over the next few months. The company has a fleet of 17 vessels, 14 of which are now sitting idle, while its workforce includes around 200.
A Raptis and Sons was originally established as a fish and chip shop in Adelaide by Greek immigrant Arthur Raptis Sr and his wife Anna in the 1950s. The company later grew into a business specialising in wild-caught prawns with operations across South Australia and Queensland.
