UK processor Denholm Seafoods gets overseas market expansion funding
Having secured an eight-figure funding package from banking group HSBC U.K., backed by U.K. Export Finance (UKEF), Peterhead, Scotland-based Denholm Seafoods has set its sights on supplying new markets across Europe and Asia.
In a press release, the herring and mackerel fresh and frozen processor confirmed that the funding package was backed by a GBP 15 million (USD 20.4 million, EUR 18 million) general export facility backed by UKEF, the government’s export credit agency. This scheme, which was launched in December 2021, has already provided over GBP 120 million (USD 163.2 million, EUR 143.9 million) for businesses across the United Kingdom. It was delivered to make the U.K. government’s support more accessible.
“Our growth plans are ambitious and, by utilizing 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,” Denholm Seafoods Director Allan Stephen said. “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 currently exports 80 percent of its product, while the remaining 20 percent goes to U.K. retailers.
“It’s fantastic to help Denholm Seafoods expand the strong export arm of its business,” HSBC U.K. Senior Corporate Banking Manager Stephen Leckie said. “The Scottish Food and Drink sector is a core focus of HSBC U.K.; 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.”
Photo courtesy of Denholm Seafoods