From a report in the Insider, the Sutherland-based salmon farm said it has secured finance of £1.2m from HSBC UK. This injection will enable the company to invest in new feed barges and boost its sustainable farming goals.
Loch Duart is an independent Scottish salmon farm and will be using the £1.2 million funding to modernise its processes.
The company explained that the new barges will provide reliable, efficient and less labour-intensive means of delivering sustainably-sourced feed to the farm’s award-winning salmon.
Loch Duart added that the barges will free up its employees from repetitive manual labour and allow them to focus on building upon an already impressive tradition of innovation within the industry.
“This will include the development of sustainable farming methods endorsed by the RSPCA, such as long-term rotational fallowing and environmental enrichment practises”.
Simon Maguire, financial director of Loch Duart, said: “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”.
Maguire continued to say that “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 of 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 (SMEs) in Scotland.
Loch Duart produces around 5,000 tonnes per year and employs 115 people in the Hebrides and Sutherland. The salmon is sold to hotels, restaurants and retailers in the UK and abroad.
Farmed salmon is one of Scotland’s biggest food exports, valued at more than £1bn a year, but the industry has come under pressure over the health of fish and its environmental impact.
Editor: Victoria Rose
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