PHILLIPS Fine Foods, an Isle of Wight fish shop, will close its doors on Friday (February 1) – after 27 years of trading.

An email confirming the closure was sent to Phillip's customers yesterday (Tuesday), the business said a Company Voluntary Arrangement (CVA) had been applied for last week.

A CVA is an agreement to pay creditors what they're owed over a fixed period of time.

The email states: "Many factors have contributed to this difficult decision, but we feel that now is the time to close the business. It has been a pleasure to supply you over the years and your loyalty to us has been much appreciated.

"We still have frozen stock available for delivery island wide until the 1st February and a wide selection of equipment that will also be available shortly. Please call us if you are interested.

"We would like to take this opportunity to wish you all every success in the future."

Mike Curtis, owner of Captain Stan's Fish Shop in Bembridge took to Facebook to warn customers fish shops on the Island are under threat of closure, and customers should 'use it or lose it'.

He wrote: "Phillips Fine Foods have just announced that after 27 years of selling fish on the Island they are closing their doors.

"Good luck to all those that worked there. Although mainly serving the restaurant side of the market, they have retail shops in Newport and Cowes.

"Since Hancocks and Blakes closed last year, Newport no longer has a specialist fish retailer.

"We think that Ventnor, Freshwater and of course Bembridge remain as the only fresh fish shops on the Island. It is very much a case of use it or lose it."

Mr Curtis warned that an ongoing row with Bembridge Parish Council could see the end of his store in Bembridge.

His Ryde store was broken into and trashed last year and closed permanently as a result.

Captain Stan's is now supplying restaurants with fresh fish so Island eateries can still benefit from locally caught fresh fish -  with profits remaining here and not being transferred to the mainland.