Seafood firm lands funding deal

A FAMILY owned Lancashire seafood firm is casting its net wider with a new funding deal, which has helped fund its new premises and expand overseas.

AM Seafoods – of Fleetwood – named after its founders, David Appleby and Peter Merrick, sources and supplies scallops, whelks and brown crab. It was set up in 1973 and is now run by Mr Merrick’s sons Mark, the finance director, and Scott, production director. The company employs around 150 people.

The £17m turnover company has moved its banking facilities HSBC’s Commercial Banking team in the North West. The deal includes a range of lending facilities to help it prepare for business growth, including a foreign exchange line and a commercial mortgage.

AM Seafoods sources, processes and supplying a range of fresh and frozen seafood products to both domestic and international markets.  Overseas trade accounts for more than 75% of sales, with Asia alone accounting for 21%.

Mark Merrick said: “A significant part of our business is built on international sales and, as we look to further grow our overseas trade, both by increasing sales in the markets we already have a presence in and by targeting new markets, it was important to us to have a banking partner with the right expertise.

“We are really looking forward to working with HSBC’s North West team and their colleagues across the world, as we move the business into its next phase of growth.”

Brian Heyes, international commercial manager at HSBC added: “AM Seafoods is a great example of a business that really understands its customers both here in the UK and overseas, and has adapted its approach accordingly. For example, the company was able to tap into the extensive and profitable sushi market to offer UK-sourced brown crab, whelks and scallops.

“This is exactly the kind of business HSBC is looking to support – with a strong business model, enterprising management team and an understanding of the importance of adapting products for the market it is trading with.”