The firm was founded in the 1930s by J.R. ("Joe") Cobley and Paul Adalsteinsson MBE (director also of Abunda Fishing Co.), and had close associations with N. Rogers and T. Little.
Several of its trawlers were requisitioned by the Royal Navy in World War II for minesweeping duties and were lost, most notably the first Rinovia, a well-known wreck on The Manacles off Falmouth, Cornwall.
The company had a subsidiary in Grimsby, Thickett's, which made specialized fishing equipment such as trawl boards.
The historic name lived on in Rinovia Building, Farringdon Road, Fish Docks, Grimsby, which formerly housed its offices, but this has now been demolished.
Grimsby's first £1m annual catch was brought home by skipper Paul Adalsteinsson MBE of the Andanes (see below).