The package is made up of working capital and lending, alongside HSBC Equipment Finance’s largest marine mortgage for UK fishing vessels.
Ocean Fish said the funding would allow for “substantial” investment across the business, from modernising the group’s fishing fleet to driving further growth into retail and wholesale markets in the UK and Europe.
The business expects to grow from a £50m to a £70m operation within the next three to five years, creating 50 new full-time positions.
Based in Saint Austell, Ocean Fish is the largest buyer of fish on the south west markets. The supplier launched its British-caught Hook, Line & Sinker added value fish brand – which showcases species including Cornish hake and sardines – in 2021.
It went on to secure a listing for almost 30 branded and own label lines with Ocado in 2022.
“It’s been a difficult few years for the fishing industry so we’re excited to be taking such a positive step forward to secure our future as a leader in the European seafood sector,” said Ocean Fish group CEO Leigh Genge.
“As a customer of HSBC UK since incorporation over three decades ago, the bank has developed a deep understanding of our business and supported us to grow into the business we are today. In this latest deal, Christopher Hudson, our relationship director, was able to create a tailored funding solution that supported our growth ambitions,” he added.
“This business plays an important role in the supply of seafood across the country, so we are proud to be supporting a business that is so key for the UK’s food supply,” said Hudson.