Libra Seafoods secures funding from Santander UK
Libra Seafoods, which sources, processes and distributes a range of sustainable seafood, has secured seven-figure funding through Santander UK, which will help increase production capacity by 25%.
Founded in 2003 in Tyne and Wear, Libra Seafoods is a privately held, family-owned company that sources, processes and distributes seafood. Libra sources sustainable seafood from the Far East and South America.
Libra uses manufacturing processes and equipment to ensure that all of its products are cooked, refrigerated and frozen to eliminate microbiological growth. With increased demand for its products, Libra turned to its new banking partner Santander UK for additional funding to increase its processing capacity. Once the funding is in place, work on the new cold store will begin, increasing processing capacity by 25% to 250 metric tonnes each week.
Tony Wynne, CFO at Libra Seafoods, said: “It was a major decision for us to change banks, but Santander provided a more flexible business facility that better supports our growth strategy. The team is a breath of fresh air with impressive responsiveness, which is exactly what we need as a fast-paced business.
Laura Moorhouse, Relationship Director at Santander UK, said: “Libra Seafoods has grown rapidly thanks to the hard work and expertise of the management team. We are delighted to provide innovative trade finance working capital facilities to help them achieve their growth aspirations and expand their international supply chains. The most recent support will increase their processing facilities and capacity, which is very exciting. Libra is an ongoing achievement for the Northeast and the business continues to grow stronger. “
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