Sales and turnover increase at Thistle Seafoods

A Scottish seafood manufacturer increased its turnover and export sales by 35% and 360% respectively over the last four years.

Thistle Seafoods, based near Peterhead, also increased is staff numbers by 30%.

It has announced it has secured a multimillion pound asset-based working capital agreement from the Bank of Scotland to support ongoing operations.

The bank said it was "confident" the Scottish food sector would continue to grow.

'Streamline borrowing'

The company's managing director, Ryan Scatterty, said the new asset-based funding package from the Bank of Scotland would "streamline" its borrowings and provide "useful headroom" to fund future projects as well as underlying growth in the business.

A spokesman from the Bank of Scotland, said: "Thistle Seafoods reflects the confidence and ambition recently reported in Bank of Scotland's fifth annual food and drink report, which strongly suggests that the sector will be able to build on the momentum of recent years.

"Across the Scottish food and drink industry, firms expect to increase their turnover by an average of 24% over the next five years and will continue to take advantage of the good reputation of Scottish produce in international markets."

Following the 30% growth in staff numbers between 2012 and 2016, Thistle Seafoods now employs 450 people at its headquarters in Boddam, Aberdeenshire.

The business currently manufactures over 150 products - and has recently moved into the gluten free and dairy free markets.