06 September 2006
SHETLAND DEVELOPMENT TRUST APPROVES LOAN TO NORTH ATLANTIC SHELLFISH LTD
Following the conclusion of the business purchase, Shetland Development Trust can announce it is providing a loan of £136,222 to North Atlantic Shellfish Ltd, owned by William, Richard and Michael Tait, towards the cost of purchasing Shetland Shellfish Ltd, which was operated by Peter Henry.
Chairman of Shetland Development Trust, Josie Simpson, said: “The assistance will allow North Atlantic Shellfish to expand its current mussel growing and processing operations to meet market demand for the product, and extend the harvesting period on sites that have good water quality and are close to current operations on the west side of Shetland.
“This particular project is in line with our priority to market top quality, value added products that will bear the ‘Shetland’ name. The company’s focus on meeting customer demands has resulted in North Atlantic Shellfish securing business with some of the top supermarkets in the UK.
“The business is also strengthening a rural community through the creation of four new jobs in a remote part of Shetland, which is additional to the 13 jobs that it already provides.”
Managing Director of North Atlantic Shellfish, Richard Tait, welcomed the support of the Trust and explained what it meant for the company: “The purchase of Shetland Shellfish Ltd’s assets in the Clousta area is a very significant step for our family run business. Adding this established and well run operation to our own will enable us to develop our harvest production to, in excess of, 800 tonnes by 2009.”
“The acquisition will assist us in servicing our customers’ strong demand for high value Shetland mussels and will keep North Atlantic Shellfish at the forefront of this truly sustainable local industry.”