Scottish Salmon Company secures £55m deal

Scottish Salmon Company secures £55m deal

The Scottish Salmon Company, Scotland’s largest independent salmon producer, has secured a £55m refinancing agreement with Bank of Scotland as part of its growth strategy.

The Edinburgh-headquartered producer will receive a term loan and asset-based lending facilities as part of the deal, as it continues with the implementation of its plan to develop the company and grow its share of the export market.

The firm, which employs over 480 staff at 60 sites across Scotland, currently exports to 25 countries including China, USA and the Far East as well as Europe, and has invested in its export strategy to grow sales in existing and developing markets.

Fiona Larkin, finance director at The Scottish Salmon Company, said: “We are a young maturing business with a clear strategy for sustainable growth. We required a day to day banking partner who could offer us the flexibility to support this and understand the unique nature of the salmon farming industry.”

Andrew Sloan, relationship director, Commercial Banking, Bank of Scotland said: “The Scottish Salmon Company is an award winning producer and one we are very proud to support. It has recorded strong year-on-year growth and the team is focused on building on this success, increasing harvest volumes and expanding the business further.

“The ABL facilities give the business the confidence to continue its expansion as the funding can be increased as the business grows.

“The Scottish salmon industry exports to over 60 countries worldwide and is a key contributor to our national food and drink trade performance.

“By welcoming the business as a new customer we look forward to supporting further growth in its established and prospective export markets as it continues to develop operationally at home in Scotland.”

Craig Anderson, managing director at The Scottish Salmon Company, added: “We have ambitious plans in place to develop harvest volumes to allow us to meet increasing consumer demand and Bank of Scotland’s term loan and asset-based lending facilities are the ideal funding structure to enable these growth plans.”