North-east fish processors have £12.5m funding deal in the can to fuel growth

TWO family-owned fish processors are gearing up for growth as changes in eating habits push up demand for mackerel, herring and sardines.

Fraserburgh’s International Fish Canners (IFC) and its sister company, Nor-sea Foods, have secured £12.5 million in financing from HSBC to upgrade their facilities. Developments include an extension to the Fraserburgh factory of Nor-sea, which has its main base in Aberdeen.

The group, owned by Aberdeenshire’s Clark family, process about 18,000 tonnes of pelagic fish per year. IFC is the UK’S only fish cannery, while Nor-sea specialises in smoked fish.

Most of this is mackerel from the Atlantic Ocean, plus herring and sardines. These fish have seen a resurgence in popularity as their Omega-3 content – double that of alternatives such as tuna and salmon – has been promoted as part of a healthy diet.

Francis Clark, director of IFC and Nor-sea, said that the finance package would support the next phase of growth.

“An important part of our strategy is to have the right finance partner who appreciates our international presence and can help us grow, and HSBC is able to do that,” he added.

Nor-sea was founded in 1974, with IFC established five years later. The two employ 550 people producing for 40 brand names in 17 countries, plus ownbrand and catering products.

HSBC’S John Caldwell said: “International Fish Canners and Nor-sea recognise the importance of maintaining investment in their business. They are beacons for Scottish businesses with products that are seen and eaten around the world.”