Scottish salmon farming firm Loch Duart will continue to modernize its operations after securing a GBP 1.2 million (USD 1.6 million, EUR 1.4 million) asset finance from HSBC UK.
The funding will enable Loch Duart to purchase additional new feed barges, which will in turn free-up company employees from repetitive manual labor and allow them to bring more innovation into the business. This will include the development of sustainable farming methods endorsed by the Royal Society for the Prevention of Cruelty to Animals (RSPCA), such as long-term rotational fallowing and environmental enrichment practices.
“The new barges improve the safety of our staff, which is a priority for us, and enables them to take on more skilled work within the company.” Loch Duart Financial Director Simon Maguire said. “The funding from HSBC UK has enabled us to take a natural next step in enhancing our processes as we look for opportunities to grow the business and broaden the supply of our award-winning salmon.”
Producing around 5,000 metric tons of salmon annually, the farm employs 115 people in the Hebrides and Sutherland. Its salmon is sold to hotels, restaurants and retailers in the U.K. market and also overseas.
Grant Bett, relationship director at HSBC UK in Scotland, said that the banking group was delighted to support this “truly ambitious Scottish business, with an excellent success story.”
The deal is part of HSBC UK’s GBP 650 million (USD 842.6 million, EUR 741.5 million) lending fund to support small and medium-sized enterprises (SMEs) in Scotland.
Photo courtesy of Loch Duart
