Scottish seafood manufacturer Thistle Seafoods has agreed a multimillion-pound bank funding package to sustain growth rates achieved in domestic and overseas markets in the past four years.

The family run business supplies its 150-strong product range, including fishcakes and coated fish, to retailers and foodservice. It recently moved into new product areas, such as gluten and diary free, in response to the demand for ‘free-from’ foods.

The working capital agreement from Bank of Scotland would support ongoing operations, Thistle said.

Sales at the group have increased close to 40% over the past four years, from £56m in 2012 to £75.4m last year, accounts at Companies House showed. Staff number are also up 30% in the same period, with 450 employees now based at Aberdeenshire headquarters.

During the same four-year period export sales grew 360%.

“The business has gone from strength to strength over the past four years, reaching new domestic and export markets,” MD Ryan Scatterty said. “Our dedicated team has been fundamental to our success and we hope to continue to build on this in the years to come.

“The trusted relationships we have with our customers enables us to continue to produce high quality products, whilst also growing our ranges in line with consumer demands and trends.

“The new asset-based funding package from the Bank of Scotland streamlines our borrowings and provides us with useful headroom to fund future projects as well as the underlying growth of the business.”

Graeme Keen, mid-markets relationship director at Bank of Scotland, added that Thistle had benefitted from the quality of Scottish produce.

“Thistle Seafoods reflects the confidence and ambition recently reported in Bank of Scotland’s fifth annual food and drink report, which strongly suggests that the sector will be able to build on the momentum of recent years,” he said. “Across the Scottish food and drink industry, firms expect to increase their turnover by an average of 24% over the next five years and will continue to take advantage of the good reputation of Scottish produce in international markets.”