Salmon processor secures £1.2m investment
The funding, provided by HSBC, will be used to purchase additional new feed barges, providing Loch Duart with a more efficient and less labour-intensive means of feeding stock.
Freeing up staff from repetitive manual labour will allow the team to focus on other tasks within the business, as well as build on its reputation for innovation in the industry, said the firm.
Financial director Simon Maguire said: “The new barges improve the safety of our staff, which is a priority for us, and enables them to take on more skilled work within the company.
‘Enhancing our processes’
“The funding from HSBC UK has enabled us to take a natural next step in enhancing our processes as we look for opportunities to grow the business and broaden the supply of our award-winning salmon.”
The finance facility is part of HSBC’s £650m lending fund to support small and medium-sized enterprises in Scotland.
HSBC UK relationship director Grant Bett added: “The team at Loch Duart continues to innovate, finding new ways to streamline the business and prioritise its staff as the key employer in the local communities.
‘The next step’
“We’re delighted to support this next step for what is a truly ambitious Scottish business, with an excellent success story, as they continue to deliver world-class, acclaimed premium salmon, which is exported globally and served in various Michelin-starred restaurants around the UK.”
Salmon has remained one of Scotland’s most exported food and drink products, despite a 20.1% drop in the first nine months of 2018. The Food and Drink Federation laid the blame on a fall in sales to France (down 19%) and the US (down 36.2%).
Meanwhile, in November, the Edinburgh Salmon Company announced it was to cease production by the end of the year, making 163 staff redundant.
