A Cornwall-based fishing business is set to expand its workforce and upgrade its ships, after netting an eight-figure funding package.
Ocean Fish Group, which has its head office in Roche, describes itself as the largest fish buyer on the South West markets, processing more than 30 different species of fish and molluscs.
The independent importer and exporter said it was looking to accelerate its growth in UK and European wholesale and retail sectors, and expected revenue to grow from £50m to £70m “within the next three to five years”.
Following the funding agreement secured with bank HSBC, the exact figures of which were not disclosed, Ocean Fish Group said it would create 50 full-time positions and modernise its fleet of vessels.
Group chief executive Leigh Genge said: “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.
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.”
Ocean Fish Group has a fully integrated supply chain model, with vessel ownership, market management and fish processing factories.
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