Sykes Seafood lands Barclays funding deal
MANCHESTER seafood supplier Sykes Seafood has refinanced with Barclays.
The family business, founded in 1862, supplies fish and chip shops across the North West, operates a wholesale division and runs a fish market in east Manchester.
Barclays has refinanced existing debt lines and arranged a £10m asset-based lending facility to support future growth.
The Barclays team was led by relationship director Shaun Cross and Neil Dobson, a director of trade and working capital.
The business, which employs around 60 staff, recently invested in additional cold storage capacity and achieved sales of £55m last year.
Managing director Martin Sykes said: “Barclays has worked professionally to deliver a structured funding solution to our business and which, subject to prevailing market conditions, will assist Sykes in fulfilling our future growth aspirations.”
He added: “The bank’s support is an endorsement of our strategy and illustrates both the strength of our balance sheet and the quality of our asset base. We look forward to further developing our relationship with the Barclays team in the future.”
Mr Cross said: “Sykes is a well run local family business steeped in history and it is therefore no surprise they have demonstrated an ability to grow profitably over the last three years.”
