PETERHEAD based processor Thistle Seafoods has secured a multi-million pound asset-based working capital agreement from Bank of Scotland to support ongoing operations.
The company is celebrating a sustained period of growth, having increased turnover by 35 per cent between 2012 and 2016.
During the same four-year period export sales grew 360 per cent. Staff numbers also increased by 30 per cent. The company now employs 450 people at its headquarters in Boddam near Peterhead.
An independently run family business, Thistle Seafoods boasts a number of leading retail and food service customers and produces the best-selling fishcake in the UK.
The business currently manufactures more than 150 products a year and recently moved into new product areas, such as Gluten Free and Diary Free, responding to the growth in modern eating trends.
The working capital agreement from Bank of Scotland provides a platform that will assist with the business’ ongoing growth strategy.
Ryan Scatterty, managing director, said: ‘The business has gone from strength to strength over the past four years, reaching new domestic and export markets. Our dedicated team has been fundamental to our success and we hope to continue to build on this in the years to come.
‘The trusted relationships we have with our customers enables us to continue to produce high quality products, whilst also growing our ranges in line with consumer demands and trends.
‘The new asset-based funding package from the Bank of Scotland streamlines our borrowings and provides us with useful headroom to fund future projects as well as the underlying growth of the business.’
Graeme Keen, Mid Markets relationship director at Bank of Scotland, said: ‘Thistle Seafoods is a well established, fifth generation family business and one we are very proud to support.
‘It has recorded impressive growth over the last four years and the team is focused on building on this success and expanding the business further both at home and overseas.
‘Thistle Seafoods reflects the confidence and ambition recently reported in Bank of Scotland’s fifth annual food and drink report, which strongly suggests that the sector will be able to build on the momentum of recent years.
‘Across the Scottish food and drink industry, firms expect to increase their turnover by an average of 24 per cent over the next five years and will continue to take advantage of the good reputation of Scottish produce in international markets.’