The new investment will help the firm ultimately achieve half of its sales from exports. It will also pay for the introduction of innovative methods of sustainable aquaculture across its operations, it was claimed.
The management of the business will remain in the hands of the existing team. The firm will retain its Argyll base and all 105 jobs in the company will be unaffected.
Bruce Davidson, md of Loch Fyne Oysters, said: “SSI has provided us with the investment we need to grow our business, while ensuring we maintain our independence.
International business
“This exciting new partnership presents some great opportunities, allowing us to increase capacity and work together on the growth of our international business, taking the Loch Fyne brand to the market in the most effective way.
“I believe that we can now really do the brand justice and look realistically at expanding into new export markets and growing.”
New owner SSI is a joint venture between private equity investor Northern Link and The Scottish Salmon Company.
Campbell Shirlaw, director at the Scottish Salmon Company and new chairman of Loch Fyne Oysters, said: “Loch Fyne is an iconic Scottish brand and we are pleased and proud to invest in it. SSI’s investment will allow the Loch Fyne Oysters’ team to grow the business and realise its true potential.”
David Attwood, Loch Fyne Oysters’ aquaculture director had developed an investment plan with SSI to grow capacity of salmon, oysters, mussels, sea urchins and seaweed in Loch Fyne.
Attwood said: “This is a great opportunity to develop a business in Argyll that will be totally sustainable, both environmentally and commercially. Loch Fyne Oysters, as it was, would never have found the resources needed for such an investment.”
Fresh and smoked fish
Simon Briggs, sales director at Loch Fyne Oysters, added: “I can see real benefits to having such an integrated approach. Working with our new partners, there are huge opportunities for us in both the fresh and smoked fish categories.”
Loch Fyne Oysters farms oysters and mussels and runs a smokery at Cairndow at the head of Loch Fyne. The firm was established in 1978 by entrepreneurs Johnny Noble and Andy Lane before moving into employee-ownership in 2003.
Although the firm had doubled in size, it had been unable to secure external investment, according to a statement from SSI.