A Cornish-based fishing group has accelerated its growth thanks to an eight-figure funding package from HSBC UK

A Cornish-based fishing group has accelerated its growth thanks to an eight-figure funding package from HSBC UK

A Cornwall-based independent fishing and seafood processing business is accelerating its growth thanks to an eight-figure funding package from HSBC UK.

The funding package consists of working capital and term lending, alongside HSBC Equipment Finance’s largest Marine Mortgage for fishing vessels in the UK. The funding will allow for investment across the Group in part, to be made available to modernise the group’s fishing fleet as well as accelerate growth into both retail and wholesale sectors across the UK and European markets.

The business expects to grow from £50m to £70m within the next three to five years, and create 50 full-time positions thanks to the funding.

Leigh Genge, Group CEO at Ocean Fish Group, commented: “This funding will allow us to invest substantially across our catch, retail, and wholesale divisions to help deliver our ambitious expansion plans. It’s been a difficult few years for the fishing industry so we’re excited to be taking such a positive step forward to secure our future as a leader in the European seafood sector.

“As a customer of HSBC UK since incorporation over three decades ago, the bank has developed a deep understanding of our business and supported us to grow into the business we are today. In this latest deal, Christopher Hudson, our Relationship Director, was able to create a tailored funding solution that supported our growth ambitions.”

Christopher Hudson, Corporate Banking Relationship Director at HSBC UK, said: “I am pleased to support the continued growth aspirations of Ocean Fish Group. We are committed to supporting innovative and forward-thinking businesses, that are poised for strong, sustainable growth. This business plays an important role in the supply of seafood across the country, so we are proud to be supporting a business that is so key for the UK’s food supply.”

Scott Ritchie, Relationship Director for Equipment Finance at HSBC UK, added: “Ocean Fish is a specialist in its field with big growth ambitions. This is a key transaction for HSBC UK Equipment finance as one of our first Marine Mortgages for fishing vessels in the country and we hope this paves the way for future investment into marine businesses.”

The Ocean Fish Group is an independently owned fishing and seafood processing business with distribution to UK and international markets. Based in Cornwall it has a fully integrated supply chain model: quota and vessel ownership, market management and fish processing factories.

The business is the largest buyer of fish on the Southwest markets, and has extensive sourcing knowledge on imported species.

Source: Press Release

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