Funding helps seafood supplier keep its plaice
Business funding the key to growth for North East business
- Business: Inshore Fisheries
- Location: Redcar, Cleveland
- Sector: Wholesale
- Funding: £700k facility
- Product: Confidential Invoice Discounting
A Redcar seafood wholesaler which supplies fish to the north of England is targeting a 20 per cent increase in turnover in the next two years, after securing a £700,000 funding facility from Bibby Financial Services.
Inshore Fisheries has been trading for over 25 years, with all three of its current directors having worked for the company at least 10 years.
It imports produce from Norway and Spain as well as using local catch to supply to restaurants and markets six days a week. The business employs 30 members of staff including specialist staff to ensure all of the fish is hand-filleted and prepared on the day of delivery.
When the business was restructured and cashflow was tight, their accountant recommended they use specialist funder Bibby Financial Services as flexibility and quick turnaround of funds were the perfect solutions to the business’s difficulties.
Hazel Cook, director and shareholder of Inshore Fisheries said “Inshore Fisheries has really turned a corner since working with Bibby Financial Services. They have provided us with a quick cash injection when we really needed it which gave us the ability to maintain the business.”
Alex Snowden, relationship manager at Bibby Financial Services, commented: “Even well-established businesses can experience cashflow troubles, particularly if their customers have long payment terms of up to 60 or 90 days. Invoice finance means they have cash available up-front and can continue to place orders and pay their staff on time.”