Australia’s Largest Wild Prawn Empire Collapses Amid Diesel Shock and Oversupply

he collapse of Raptis and Sons Group has cost 200 jobs and devastated the town of Karumba as administrators fail to find a buyer for the prawn giant.

By: AXL Media

Published: Apr 8, 2026, 9:24 AM EDT

Source: news.com.au

A Legacy Adrift: The Fall of Raptis and Sons

The Raptis and Sons Group the powerhouse behind recognizable seafood brands like Agrios, Seaport, and Ocean Pearl—is being wound down. What began as a humble Adelaide fish and chip shop founded by Greek migrants Anna and Arthur Raptis Snr in the 1950s grew into a national fleet harvesting across South Australia, Western Australia, the Northern Territory, and Queensland.

Despite its storied history, the business was placed into administration in March 2026. Administrators have now confirmed that a late-2025 attempt to find an investor was unsuccessful, and recent efforts to secure funding to participate in the critical banana prawn season (which began April 1) have failed.

The Financial Breakdown

The collapse reveals a stark disparity between assets and mounting liabilities. According to affidavits from administrator Ben Campbell:

Total Debt: The group owes approximately $31.6 million to nearly 300 creditors.