A FISH processing business in the north of Scotland has received an eight-figure funding package from HSBC UK, backed by UK Export Finance (UKEF), as it sets its sights on new international markets.
Peterhead-based Denholm Seafoods, which champions Scotland’s high quality, sustainable seafood, will use the additional finance to support its ambitious overseas growth plans.
The pelagic fish business, which processes herring and mackerel caught from sustainable fisheries, is looking to expand in European and Asian markets as it promotes the quality of its Scottish origin fish.
The funding package was backed by a £15 million General Export Facility (GEF) backed by UKEF, 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 MP, 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.”
Stephen Leckie, Senior Corporate Banking Manager at HSBC UK: “It’s fantastic to help Denholm Seafoods expand the strong export arm of its business. The Scottish Food and Drink sector is a core focus of HSBC UK; we share Denholm Seafoods’ passion and drive for bringing quality Scottish produce to new markets. We look forward to seeing the company’s next chapter as it embarks upon its new investment strategy.”
Denholm Seafoods currently exports 80 per cent of its product while the remaining 20 per cent supplies major retailers in the UK market.