SCOTTISH salmon farmer Loch Duart is to invest in new feed barges after securing £1.2 million finance from a local bank.
The money, from HSBC, will enable the company, which exports salmon globally, to continue developing sustainable farming methods.
The additional barges, to be built by Gael Force and significantly bigger than the producer’s existing barges, will free up Loch Duart’s employees from repetitive manual labour and allow them to focus on building on a tradition of innovation within the industry, said the company.
‘The new barges improve the safety of our staff, which is a priority for us, and enables them to take on more skilled work within the company,’ said Simon Maguire, Loch Duart financial director.
‘The funding from HSBC UK has enabled us to take a natural next step in enhancing our processes as we look for opportunities to grow the business and broaden the supply of our award winning salmon.’
Grant Bett, relationship director at HSBC UK in Scotland, said: ‘The team at Loch Duart continues to innovate, finding new ways to streamline the business and prioritise its staff as the key employer in the local communities.
‘We’re delighted to support this next step for what is a truly ambitious Scottish business, with an excellent success story, as they continue to deliver world-class, acclaimed premium salmon which is exported globally and served in various Michelin starred restaurants around the UK.’
This deal is part of HSBC UK’s £650 million lending fund to support small and medium-sized enterprises in Scotland.
Loch Duart was named a Sunday Times HSBC International Track 200 company in 2018, a showcase for mid-market private companies with the fastest growing international sales.
Managing director Alban Denton said, on picking up the award in September: ‘It’s been an amazing year for Loch Duart and receiving this Sunday Times HSBC International Track 200 award is a great endorsement for us.
‘Despite being a relatively small farming business, we currently export our extraordinary salmon to over 20 countries. I’d like to thank the award organisers and sponsors for recognising Loch Duart and congratulate all the fellow awardees. It’s a huge boost which will inspire the brilliant team at Loch Duart to go ahead and grow this fantastic brand, loved by customers across the globe.’
Picture: Loch DUart managing director Alban Denton