Craig Mostyn Group offloads lobster business

Family-owned Craig Mostyn Group has sold its Tasmanian-based rock lobster business CMT to the South Australian Lobster Company for an undisclosed sum.

Craig Mostyn Group chief executive Patrick Walsh said CMT didn’t really fit with the group’s other investments, which include Linley Valley Pork, Talloman, CM Farms and part of V&V Walsh.

“We did a strategic review over the past year or two and decided that was an asset we were better of letting someone else grow to its full potential and not in that sweet spot where we play from end-to-end farming,” Mr Walsh told Business News.

Mr Walsh said the group would focus heavily on its pork, beef and lamb businesses.

He said the COVID-19 pandemic or trade issues with China did not have any bearing on the decision, which had been in the works for a while.

“We changed the name to CMT a couple of years ago so we had the ability to do a JV or a sale and it wouldn’t affect the Craig Mostyn Group,” he said.

Mr Walsh said a majority of CMT’s 28 staff would continue to be employed by the new owners.

“We have been in Tassie for over 50 years doing lobsters and we wanted to make sure the company that bought it was a good fit and would carry on the same sort of values that Craig Mostyn Group has,” he said.

South Australian Lobster Company is owned by New Zealand-based Fiordland Lobster Company.