The financial boost would help with the business’s continued growth strategy, Thistle Seafoods said. The investment will help the company build on the reported 35% increase in turnover since 2012 said Thistle Seafoods’ md Ryan Scatterty.
“The new asset-based funding package from the Bank of Scotland streamlines our borrowings and provides us with useful headroom to fund future projects as well as the underlying growth of the business,” said Scatterty.
“The business has gone from strength-to-strength over the past four years, reaching new domestic and export markets. Our dedicated team has been fundamental to our success and we hope to continue to build on this in the years to come.
The seafood manufacturer, which is known for its fishcakes and scallops, had increased export sales by 360% over the past four years, and had employed 30 extra people over the same period. The Bank of Scotland said the company’s ambition helped to land it with the multi-million pound deal.
The Bank of Scotland mid-markets relationship director Graeme Keen said: “Thistle Seafoods is a well-established, fifth-generation family business, and one we are very proud to support. It has recorded impressive growth over the last four years and the team is focused on building on this success and expanding the business further both at home and overseas.
‘Very proud to support’
“Thistle Seafoods reflects the confidence and ambition recently reported in the Bank of Scotland’s fifth annual food and drink report, which strongly suggests that the sector will be able to build on the momentum of recent years.”
Scottish food and drink firms expect to increase turnover by almost 25% on average over the next five years, the Bank of Scotland claimed. Thistle Seafoods is in a “strong position” to maximise its share of international markets, it added.
Meanwhile, Scottish aquaculture was awarded a £2.5M EU funding boost last week. The funding would be used to support sustainable growth in the industry.
Thistle Seafoods deal with the Bank of Scotland – at a glance
- Seafood maker in multi-million pound deal with the Bank of Scotland
- Funds would be used to continue growth
- Manufacturer increased export sales by 360% since 2012