THE Scottish Salmon Company, recently acquired by the Faroese aquaculture group Bakkafrost, has secured a £100 million refinancing package to help move the business forward over the next five years.
In a financial announcement last night it said: ‘The Scottish Salmon Company PLC is pleased to announce that its wholly owned subsidiary, the Scottish Salmon Company Limited, has refinanced its banking facilities with a secured £100 million five-year mult-icurrency revolving credit facility with Coöperatieve Rabobank U.A, DNB (UK) Limited and Nordea Bank ABPm (Filial i Norge).’
The statement added: ‘The facility provides an increased and more flexible funding package to support the company’s objective for growth, as well accommodating the variability in working capital requirements of the business.’
The news comes just days after SSC, snapped up by Bakkafrost three months ago in a £550 million plus deal, announced that its harvest volumes for 2019 will be well up, rising by 10 per cent from 29,900 tonnes to 33,800 tonnes.
At the time of the takeover, Bakkafrost CEO Regin Jacobsen said growth and further development would be the main priority for the new owner and it looks as if this refinancing package is a solid start to those aims.
The Edinburgh based business also recently secured a deal to supply Japanese sushi chain Genki Sushi with its quality brand, Tartan Salmon.
The Scottish Salmon Company currently has 60 sites across the west coast of Scotland and Hebrides and employs more than 650 people.