Denholm Seafoods boosts exports with eight-figure financing package
A fish processing business in the north of Scotland has received eight-figure funding from HSBC UK, backed by UK Export Finance (UKEF), as it targets new international markets.
Peterhead-based Denholm Seafoods, which champions sustainable, high-quality seafood in Scotland, will use the additional funding to support its ambitious overseas growth plans.
The pelagic fishing activity, which processes herring and mackerel from sustainable fisheries, seeks to develop in European and Asian markets by promoting the quality of its fish of Scottish origin.
The funding program was supported by a general export facility of £15 million (WEF) supported by UKEF, the government’s export credit agency. The scheme, which launched last December, has already provided more than £120million to businesses across the UK. It has made government support more accessible, enabling Denholm and HSBC UK to take a longer term view and underpins the management team’s growth aspirations.
Mike Freer, MP, Minister of Exports, said:
Scottish seafood is renowned the world over for its quality and focus on sustainability – and I’m delighted that UKEF helps Denholm grow and sell more around the world.
We export iconic food and drink products to over 200 countries, supporting jobs and growth, promoting the Union and helping to improve every part of our country.
With the help of UKEF‘s popular new General Export Facility, we hope to see British produce in every supermarket around the world.
Allan Stephen, Director at Denholm Seafoods, said:
Our growth plans are ambitious and, using this funding, we are excited to enter new markets and expand into existing ones. It is the quality of our product, coupled with this additional funding, that will provide us with this opportunity.
As we invest in the future of Denholm Seafoods, we intend to advance the sustainability of our operations, reducing our environmental impact while advancing our business growth.
Stephen Leckie, Senior Corporate Banking Manager at HSBC UK:
It is fantastic to help Denholm Seafoods develop the strong export arm of their business. The Scottish food and drink sector is at the heart of HSBC UK’s business; we share Denholm Seafoods’ passion and drive to bring quality Scottish produce to new markets. We look forward to seeing the company’s next chapter as it embarks on its new investment strategy.
Denholm Seafoods currently exports 80% of its products while the remaining 20% supplies major retailers in the UK market.
HSBC United Kingdom
HSBC UK serves around 15 million customers across the UK, supported by 25,500 colleagues. HSBC UK offers a full range of retail and wealth management banking services to individuals and individuals, as well as commercial banking services to small and medium-sized businesses and large corporations.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographic regions: Europe, Asia, North America, Latin America, Middle East and North Africa. With assets of $2.969 billion as of September 30, 2021, HSBC is one of the largest banking and financial services organizations in the world.
Denholm Seafoods processes pelagic fish sourced from sustainable fisheries by its local fishing partners in the rich waters of the North East Atlantic. Its wide range of high quality pelagic fish products includes mackerel, herring and herring roe, which are delivered fresh or frozen to customers in the UK and around the world. Denholm Seafoods is part of the Denholm Group.
The Denholm Group operates in four sectors: shipping, logistics, seafood and industrial services. The group was originally founded as a shipping agent and postman by James Denholm in 1866, who was joined in the business by his brother John in 1869. Today the 5th generation family business is still owned by John’s descendants. With their roots in shipping and marine services, Denholm Group companies have grown into businesses that work collaboratively with their customers and stakeholders. The Group employs more than 1,000 people, who work according to the principles of the “Denholm Standard”: respect for the law, integrity, fairness and respect.
UK export finance
UK Export Finance is the UK’s export credit agency and a government department, working alongside the Department for International Trade as an integral part of its strategy and operations. Founded in 1919, it exists to ensure that no viable UK export fails for lack of private market finance. It provides finance and insurance to help exporters win, execute and get paid for export contracts.
For more details on WEF and how to get to it, read the product page.