SYKES Seafood, a Warrington-based, independent frozen seafood supplier has secured a nine-figure funding package from HSBC UK to support future growth.
The company will utilise the £50m asset-based lending (ABL) facility and a £12m term loan to support stock holding and growth in new target markets.
As a result of HSBC UK-funded growth, the business is anticipating a 20 per cent year increase in turnover over the next 12 months and the creation of 40 new jobs across a range of roles.
Alan Dale, group chief executive of Sykes Seafood, said: “This latest funding package will help Sykes Seafood expand into new territories and explore new possibilities across the UK. We have worked with HSBC UK for nearly a decade and throughout this time, the bank has been understanding of our ambitions and long-term strategy as a business. We’re looking forward to pressing ahead with these growth plans over the coming months.”
Matthew White, corporate business development director, HSBC UK, added: “It’s fantastic to see Sykes Seafood continue to grow strongly, despite wider challenges being faced across the sector . This is the result of a business understanding its customer base, demands and scale of operations. This attention to detail will stand the business in good stead as it continues to grow across the UK.”
Founded in 1862, Sykes Seafood supplies cold and warm water shrimp to the UK retail and food service industries. The business sells over 600 products spanning 110 species which are sustainably sourced globally for distribution across the UK to independent wholesalers, processors, restaurants and various other consumers.
The HSBC UK funding package follows a period of growth for Sykes Seafood, that has recently seen the acquisition of three other seafood companies – Klaas Puul, Ruskim Seafoods, and The Big Prawn Company.
HSBC UK previously supported Sykes Seafood last year with an £8m funding package for the refurbishment of a 170,000 sq. ft freezing facility.
