By Scott Wright
A PETERHEAD-based seafood business has secured an “eight-figure” funding deal to support its international expansion.
Denholm Seafoods, which specialises in processing herring and mackerel caught in the north-east Atlantic, said the cash injection comes as it looks to build sales across Europe and Asia.
The company currently exports 80 per cent of its wares, with the balance supplied to major supermarkets in the UK.
Denholm director Allan Stephenson 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.”
The funding deal from HSBC was supported by a £15 million general export facility, backed by UK Export Finance, the government’s export credit agency.
Stephen Leckie, senior corporate banking manager at HSBC, said: “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 is a subsidiary of J&J Denholm, a fifth generation family business dating from 1866 which also includes shipping, logistics and industrial services operations.
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