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 £50 million to £70 million 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.”
The Ocean Fish Group is an independently owned fishing and seafood processing business with distribution to UK and international markets. Based in St Austell, 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 south west markets and has extensive sourcing knowledge on imported species.