Funding boost for Scottish seafood exporter
10th March 2022
A fish processing business in the north of Scotland has received an eight-figure funding package as it targets new international markets.
Peterhead-based Denholm Seafoods says it will use the additional finance from HSBC UK, backed by UK Export Finance (UKEF), to ‘support its ambitious overseas growth plans’.
The business, which processes herring and mackerel, is looking to expand in European and Asian markets and promote the quality of its sustainable Scottish fish.
The funding package was backed by a £15m General Export Facility (GEF) from UKEF, the government’s export credit agency. The scheme, which was launched last December, has already provided more than £120m for businesses across the UK.
Minister for exports Mike Freer 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 GEF, 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% of its product, while the remaining 20% supplies major retailers in the UK market.
This story was taken from the latest issue of Fishing News. For more up-to-date and in-depth reports on the UK and Irish commercial fishing sector, subscribe to Fishing News here or buy the latest single issue for just £3.30 here.
