Northcoast Seafoods have announced plans to relocate to a new, larger factory site and to expand their global network after securing a bank loan.
The loan from HSBC UK is thought to be in excess of £10 million, and will allow the Lincolnshire seafood supplier to greatly expand their production.
All under one roof
Northcoast Seafoods specialises in importing seafood products which are sourced sustainably from around the world. They have already purchased a new 3,700 square metre processing facility located in Grimsby after securing the loan. The premises are now under refurbishment in order to prepare them for the company moving in.
The change will allow them to bring all of their UK operations under one roof, rather than having multiple sites. This will include relocating the facilities of Ambassador Seafoods, which is a Lincolnshire-based repackaging business that they acquired in September.
The funding package also included international trade facilities, which Northcoast are planning to use in order to increase the amount of raw materials they are able to import. They currently import the majority of the raw products from Europe, North America, and Asia – but are now looking to use a more global supplier network.
The deal was made as part of HSBC UK’s lending fund of £12 billion, which is set aside to support small and medium-sized enterprises in the UK. £300 million of that has been committed just for businesses in the North Yorkshire and Humber region.
Adding to their workforce
Part of the expansion also means adding more food jobs to their team. While there are no set figures as yet, Fridrik Thorsteinsson – the company’s Chief Executive – estimated that they will be able to use the investment to significantly boost their annual turnover. This, in turn, will allow them to create numerous job opportunities and grow their workforce over the coming years.
“Our new site, complete with increased trade facilities, has given us the ability to meet increasing demand from customers in the UK and overseas, without compromising the fantastic quality we’ve become known for,” he said. “HSBC UK’s expertise both in our foreign markets and in the Humber region has allowed us to make strategic investments and achieve our business goals.”
“Fridrik and his team at Northcoast Seafoods have worked hard to procure seafood to the highest possible standards and they are widely recognised within the sector,” added Daniel Wilson, the Relationship Director for North Yorkshire and Humber Corporate Banking at HSBC UK. “With this level of focus and drive, we are excited to see what the next stage of development looks like for the business and where it will cast its net next.”
Northcoast was established in 2000 and currently has offices in Denmark, Canada, Germany, and Grimsby. They have a workforce of 110 staff around the world, largely packaging jobs and transport or management, and supply to national retailers, foodservice, and wholesale traders across the UK, Germany, and Scandanavia.
Interestingly enough, the old Northcoast Seafoods site will not be the only seafood premises up for sale in the Grimsby area. PPH Commercial are currently seeking a buyer for the Five Sta Fish site in the Great Grimsby Business Park, which is owned by the 2 Sisters group. They are looking to sell the property in order to streamline their business. Duncan Willey at PPH has stated that he is “very confident” a sale will be agreed in a short time, as there are many national and regional companies who would be keen to utilise the town’s food processing expertise. That will be good news for local workers.