COUNTRY & FARMING
have evolved resistance to the pesticides, coupled with pushback from consumers, as well as objections from those concerned about the negative effects of such treatments on the environment. ¨
As an example of the detrimental effect of sea lice, in 2016 the world’s supply of farmed salmon fell by almost 10% and wholesale prices rose by nearly 50%.
Mr Forster added: “When you have concentrated fish-farming practices, you’re going to have parasite problems.
“It’s the largest issue from a health and biosecurity issue that these farmers face and costs the industry around the world hundreds of millions of pounds a year.
“It’s not only the cost of treatment, but when a fish dies or needs to be harvested early – the salmon farmers incur all the costs required to growing the fish to that point but also a tremendous loss of revenue due to decreased harvest weights.”
The aim of the company as it continues its expansion is to provide a natural solution to the sea lice problem, one that is already making a difference, for the benefit of fish farmers, consumers and the environment.
Mr Callaghan said: “Consumers like it because the fish aren’t being treated with unnecessary medicines and chemical treatments, while the environmentalists prefer a more natural approach to animal welfare. It’s really something that everyone has been supportive as a win-win.”
Chris Hayward, investment executive at the Development Bank of Lumpfish bred by Ocean Matters, based at Penmon, Anglesey Wales, said: “After meeting the team and visiting the site in Penmon, we knew this was an exciting opportunity for the Development Bank of Wales to support the growth aspirations of Ocean Matters.
“The company’s passion for battling the historic sea lice plague and their vision for the business really impressed us.”
“Our co-investment with HSBC provides certainty for the company to rapidly get to a critical mass of product so they can meet the growing demand.
“The investment will also support the company’s mission of being the industry leader in sustainable sealice management solutions.”
The term of the £1m loan from the Development Bank for Wales is five years.