Cash is in the can for expanding seafood business – Fishupdate.com

Cash is in the can for expanding seafood business Published:  05 September, 2005

A PLANNED expansion into European and American markets is in the can for a Prescot-based business after a cash injection from Objective One.Expanding seafood business Ocean Food Group plc, through its subsidiary Coinbeach, has received a valuable boost with a £66,000 grant towards an upgrade of its processing and canning equipment.

The new equipment will cost £332,084 and will be funded by Objective One, DEFRA, and Ocean Food Group.

The investment will help to safeguard 20 jobs and enable a planned trebling of sales as the company expands from its traditional Far East market.

Stuart McDonald, chairman Ocean Food Group, says “This funding will make a huge difference and will enable us to expand our business and provide secure employment”

The funding is part of Objective One’s aim to support fishing businesses. The food and drink industry is one of the sectors identified as a key to growing the economy of the city region by the Mersey Partnership, Government Office for the North West and the Northwest Regional Development Agency.

Driven by the umbrella organisation Northwest Food Alliance, the industry employs 10,000 people in Merseyside generating turnover of between £2 and £3 billion each year.

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