Fishing Ice Business Stays Afloat
June 27, 2014
Fishing boats in Gloucester, Massachusetts, have filled their holds with Cape Pond Ice for 166 years to keep their catch cold at sea. But shrinking government catch quotas — particularly on haddock and cod — have decimated much of the Gloucester fleet, leaving key support businesses such as Cape Pond Ice struggling to survive.
Last year, owner Scott Memhard put the massive waterfront property on the market and was planning to walk away from the business that he and his father bought in 1983.
But, according to an article in the Boston Globe, thanks to some creative debt refinancing, political wrangling, and cautious flexibility from state regulators, Memhard is standing on a pier of opportunity, one that many in Gloucester see as a step into its future, where the port will preserve Gloucester’s ability to fish while dealing with the reality that many of its core support businesses are unable to survive on fishing alone.
Read more about Cape Pond Ice.