Bank and UKEF provide funding deal to fish processor
A fish processing business in the north of Scotland has received an eight-figure package of banking and government support as it sets its sights on new international markets.
Eight-figure funding from HSBC for Peterhead-based Denholm Seafood was complemented by a £15 million General Export Facility (GEF) supported by UK Export Finance, the government’s export credit agency.
The scheme, which was launched last December, has already provided over £120 million for businesses across the UK. It has made the government’s support more accessible, allowing Denholm and HSBC UK to take a longer-term view and underpins the management team’s growth aspirations.
Mike Freer, Minister for Exports, said: “Scottish seafood is renowned around the world for its quality and focus on sustainability – and I’m delighted that UKEF is helping Denholm grow and sell more to the world.
“We export iconic food and drink products to over 200 countries, supporting jobs and growth, promoting the Union and helping to level up every part of our country.
“With the help of UKEF’s popular new General Export Facility, we hope to see British products in every supermarket in the world.”
Allan Stephen, director at Denholm Seafoods, said: “Our growth plans are ambitious and, by utilising this funding, we’re excited to enter new markets and grow in existing ones. It is the quality of our product, coupled with this additional funding that will afford us this opportunity.
“As we invest in the future of Denholm Seafoods, we intend to progress the sustainability of our operations, by reducing our environmental impact as we drive the growth of our business forward.”
Denholm Seafoods currently exports 80 per cent of its product while the remaining 20 per cent supplies major retailers in the UK market.