Well-known Perth brand Catalano Seafood may have been rescued from shipwreck with creditors approving a deal to save the company and de-list it from the Australian Stock Exchange. West Perth-based Avior Capital had proposed a $1.7 million deal to buy Catalano from administration, which was accepted at a creditor’s meeting on Tuesday. The Catalano business was launched in 1969 and ran for more than 50 years, including an ASX-listing in 2019 backed by international investors. But McGrathNicol was brought onboard to sort out a financial wreck when the company hit administration in October. The West Australian reported Catalano posted about $10m of losses over five years. The famed brand is set for a new lease on life, in a deal that will see the business depart the ASX bourse after four years. Avior will have just days to meet some key conditions for the rescue deal to be finalised. It’s understood the deed of company arrangement will mean all staff keep their jobs and the Catalano family continues to work for the business and develop a succession plan. Avior Capital managing director Dermott McVeigh said he was excited to lead the business back to success. Mr McVeigh hoped to “bring it back to be the leading WA business it has been”. The plan will focus on expanding the WA seafood play’s position in the east coast market, and within two years, exporting to the UK. “Its a very exportable brand,” Mr McVeigh said. The international investors which had taken the business to an ASX listing had been exited, he said. Catalano operates a processing plant in Bassandean, and has run retail shops at Hillarys and Booragoon.