CFL was set up in 1994 as a consortium of local fishing companies to carry out exploratory fishing in the nascent toothfish fishery. The Falkland Islands Fisheries Department (FIFD) considered that the fishery represented a prime opportunity for local businesses to pool resources to establish the very first locally owned, managed and operated fishing company. Following the experiment FIFD established a 2-vessel fishery and awarded both licenses to Consolidated Fisheries Ltd.
In 2007, an Individual Transferable Quota system was introduced and CFL were awarded the full quota for the toothfish fishery in the Islands for 25 years. Initially quota was set at 1,200 mt and CFL was able to reduce its fleet to a single vessel. Since then, the quota has been reduced to 1,040 mt which is all caught by a single vessel.
CFL is now one of the largest fishing companies in the Falkland Islands and contributes significantly to the local economy through both its fishing and non-fishing activities.
Its principle product is Patagonian Toothfish, which it sells to the international market as HGT (Headed, Gutted and Tailed) and as sub products such as collars and cheeks. It also produces toothfish portions and grenadier fillets for the local market.