Loch Fyne Oysters shells out to become fully independent

Loch Fyne Oysters, the employee-owned seafood farming group, has become a fully independent business after repaying funding provided by the Baxi Partnership.

The final repayment of the 2 million financing provided in 2003 comes as the Argyll-based firm, which also smokes salmon and runs the original Loch Fyne Oyster Bar at the head of Loch Fyne, looks to expand its export business.

Bruce Davidson, managing director of Loch Fyne Oysters which employs around 180 people, said: "Our business could not have become employee-owned without Baxi Partnership's assistance and we are now ready to be independent and to take the business to further growth whilst remaining employee owned."

Loch Fyne Oysters made a pre-tax profit of 218,172 in the year to 30 June, compared to a loss of 255,369 the previous year.

At the time it said the profit figure would have been higher had it not been for the impact of events including volcanic ash and the British Airways cabin crew strikes which affected overseas shipments and sales for in-flight catering services.

The firm is seeing exports increase by 20 per cent annually and is looking to increase its sales across Asia. It also supplies the Loch Fyne restaurant chain which is now owned by brewing and pubs group Greene King.

John Alexander, investment director at Fife-based Baxi Partnership which helps companies move to employee-ownership models, said: "It is thanks to the hard work and commitment of every one of Loch Fyne Oysters' employees that the company is able to become wholly independent and continue to operate in the local area. We are proud to have supported its move into employee ownership and confident the company will go from strength to strength."

The company was sold to a trust in 2003 following the sudden death of co-founder Johnny Noble.