Seafood supplier nets funding facility after sales leap

Aberdeenshire-based Thistle Seafoods has landed a multi-million pound funding deal after seeing sales surge over the past four years.

Thistle Seafoods is based at Boddam, near Peterhead. Picture: Contributed

The firm, which employs some 450 people at its headquarters in Boddam, near Peterhead, said turnover had increased by 35 per cent between 2012 and 2016. During the same period, export sales have leapt by 360 per cent.

Family-run Thistle boasts a number of major retail and food service customers and produces the best-selling fishcake in the UK. It currently makes more than 150 product lines and recently moved into new areas, such as gluten free and diary free, in response to changing consumer demands.

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The firm has secured a new asset-based working capital agreement with Bank of Scotland to support ongoing operations.

Ryan Scatterty, managing director of Thistle Seafoods, 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 new asset-based funding package 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, added: “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.”