Seaweed firm reels in finance package
● Business eyeing expansion amid growing interest in healthy snacks
Shore the Scottish Seaweed Company has grown its product range after netting a seven-figure finance package as it looks to create a sector “of scale” in Scotland for the foodstuff.
The brand, the trading name of Alness-based seaweed processing company New Wave Foods, said the £1.7 million deal fused a business development grant from Highlands and Island Enterprise (HIE), equity investment from the Scottish Investment Bank (SIB) and contributions from several private investors.
The capital has led to a new product roll-out under the Shore brand, helping support the company’s “ambitious” growth plans.
It includes the launch of a new range of plant-based snacks and a revamping of its existing bagged snack range, while it is debuting its Sea Kitchen offering.
Shore uses sustainably harvested seaweed, grown in Scotland. It launched its first range of snacks in 2018 and has more than 500 stockists.
Joint MD Keith Paterson said: “At Shore, our mission is to create an edible seaweed industry of scale in Scotland that is 100 per cent sustainable, good for the coastal environment, and beneficial for our local rural communities. Our success is based on creating tasty plant-based seaweed snacks and foods that appeal to the growing number of mainstream health-conscious consumers who are increasingly seeking sustainably sourced foods.
“Securing this package with support from HIE and SIB is a major milestone for the company and will help propel our business to new heights.”
Rural economy secretary Fergus Ewing said Scotland is "world-renowned" for making high-calibre food and drink. "Supporting innovative companies like Shore to grow and develop helps to secure new employment opportunities for rural communities… it is important that we continue to invest in and support rural businesses.”
David Oxley, HIE director of business growth, said: “The Highlands and Islands has a natural advantage and well-earned reputation for producing high-quality food and drink products from our outstanding natural environment. Seaweed processing presents a new and growing opportunitytoexpandonthis.
“Shore has the skills and experience to develop this new industry,” he added, stating that the firm is creating “valuable jobs in some of our most rural communities”.
SIB director Kerry Sharp said: “Shore’s management team have drawn on their entrepreneurial acumen to create a brand that showcases the natural benefits of sustainably-sourced Scottish produce. Shore is wellplaced to further tap into the growing market for healthy plant-based snacks and we look forward to working with our partners at HIE to support the company through its next phase of growth.”
Meanwhile, an Edinburghbased snack delivery service serving the UK is growing despite the difficult environment. Sara Roberts, founder of Healthy Nibbles, previously provided healthy vending machines to offices in London. However, she trialled home delivery of healthy snacks at the start of lockdown, found huge demand for her products, and is looking to continue to capitalise on this.
“Securing this package with support from Hieandsibisamajor milestone for the company and will help propel our business to new heights.”
MD KEITH PATERSON