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Northcoast Seafoods buys new Grimsby processing facility

New premises will enable the firm to bring all its UK operations under one roof.

Grimsby-based Northcoast Seafoods -- which is jointly owned by Denmark's Kangamiut Holdings and NIM Limited -- has purchased a new 40,000 square foot processing facility in Grimsby.

Although the exact amount of the purchase has not been disclosed, HSBC UK, which financed the deal, said it gave the company an "eight-figure cash injection."

Company profile: Kangamiut Holding

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The new premises, currently under refurbishment, will enable the firm to bring all its UK operations under one roof, including Ambassador Seafoods Limited, a Lincolnshire re-packaging business it acquired in September.

The North Lincolnshire business also plans to use international trade facilities included in the funding package to further increase the importation of raw material.

Northcoast Seafoods currently imports the majority of its raw products from Asia, North America and Europe, but with strengthened cash-flow it is looking to expand its supplier network globally.

Northcoast Seafoods anticipates that the investment will enable the company to significantly boost turnover and create numerous additional jobs in forthcoming 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," said Fridrik Thorsteinsson, CEO of Northcoast Seafoods.

Established in 2000, Northcoast Seafoods currently has offices in Grimsby, Canada, Germany and Denmark, with over 110 staff worldwide. It supplies products to national retailers, wholesale and food service traders in the UK, Germany and Scandinavia.

The deal was part of HSBC UK’s £12 billion (€13.6 billion/$15.5 billion) lending fund to support SMEs in the UK, with £300 million (€339.7 million/$387.3 million) committed to businesses in North Yorkshire and Humber.

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