Libra Seafoods, which sources, process and distributes a range of sustainable seafood products, has secured seven-figure funding through Santander UK, which will help to increase production capacity by 25%.
Founded in 2003 in Tyne and Wear, Libra Seafoods is a privately owned family business that sources, processes and distributes seafood products. Libra sources its sustainable seafood products from the Far-East and South America.
Libra uses manufacturing processes and equipment to ensure that all its products are cooked, chilled and frozen to eliminate microbiological growth. With increased demand for its products, Libra turned to its new banking partner Santander UK for additional financing to increase its processing capacity. With the financing in place, work will begin on the new cold store which will increase processing capacity by 25% to 250 metric tonnes each week.
Tony Wynne, Finance Director at Libra Seafoods said: “It was a major decision for us to change banks, however Santander has provided a more flexible trade facility which better supports our growth strategy. The team are a breath of fresh air with impressive responsiveness, which is exactly what we need as a fast-moving business.”
Laura Moorhouse, Relationship Director at Santander UK, commented: “Libra Seafoods has achieved rapid growth thanks to the hard work and expertise of the management team. We are delighted to provide innovative trade finance working capital facilities to help them achieve their growth aspirations and expand their international supply chains. The most recent support will increase its processing facilities and capacity which is very exciting. Libra is an ongoing success story for the North East and the business continues to move from strength to strength.”