Northcoast Seafoods, which specialises in importing sustainably-sourced seafood products from around the world, has purchased a new 3,700m2 processing facility in Grimsby on the back of the £10m-plus loan from HSBC UK.
The new premises, currently under refurbishment, will enable the firm to bring all of its UK operations under one roof. This includes the relocation of Ambassador Seafoods, a Lincolnshire repackaging business it acquired in September.
Northcoast also planned to utilise international trade facilities included in the funding package to increase raw material imports.
It currently imports the majority of its raw products from Asia, North America and Europe, but with a strengthened cash-flow it is looking to expand its supplier network globally.
Numerous additional jobs
Northcoast chief executive Fridrik Thorsteinsson anticipated the investment would enable the company to significantly boost turnover and create numerous additional jobs in forthcoming years.
“Our new site, complete with increased trade facilities, has given us the ability to meet increasing demand from customers in the UK and overseas, without compromising the fantastic quality we’ve become known for,” he said.
“HSBC UK’s expertise both in our foreign markets and in the Humber region has allowed us to make strategic investments and achieve our business goals.”
Daniel Wilson, HSBC UK’s relationship director for North Yorkshire and Humber Corporate Banking, added: “Fridrik and his team at Northcoast Seafoods have worked hard to procure seafood to the highest possible standards and they are widely recognised within the sector.
‘Focus and drive’
“With this level of focus and drive, we are excited to see what the next stage of development looks like for the business and where it will cast its net next.”
Established in 2000, Northcoast currently has offices in Grimsby, Canada, Germany and Denmark, with 110 staff worldwide. It supplies products to national retailers, wholesale and foodservice traders in the UK, Germany and Scandinavia.
The deal was part of HSBC UK’s £12bn lending fund to support small and medium-sized enterprises in the UK, with £300m committed to businesses in North Yorkshire and Humber.
Meanwhile, the property agent tasked with selling the premises of another seafood firm in Grimsby remained “very confident” a sale would be secured soon.
PPH Commercial’s Duncan Willey claimed the Five Star Fish site, located in the Great Grimsby Business Park, would soon be snapped up by a national or regional company keen to tap into the town’s food processing expertise.
The 2 Sisters Food Group-owned factory is on the market for £3.75m.