08 January 2008
GREEN ISLANDS ORGANICS LTD BENEFITS FROM SHETLAND DEVELOPMENT TRUST INVESTMENT
Shetland Development Trust are pleased to confirm that they have provided a Hire Purchase facility of £343,000 to Green Island Organics Ltd towards the purchase of a Norwegian workboat, M/S Laika for their Salmon business.
Shetland Development Trust, Project Manager, Wendy Goudie said “The Company had been hiring a workboat and this Hire Purchase facility will allow the business to make a long-term investment in a modern vessel enabling Green Island Organics Ltd to further their business efficiency."
Green Island Organics Ltd operates salmon farms around Shetland and holds licenses for 14 sites around Shetland employing 9 personnel. Director of Green Island Organics Ltd, Ivor Johnson said, “ We are very pleased with this investment which has already improved the efficiency of the business. It is also promising to see renewed confidence in the industry and we look forward to continued prosperity in 2008”.
Notes to Editor
Hire Purchase is a system for financing the purchase of plant and equipment where the goods do not become the property of the purchaser until the last instalment has been paid. The borrower is required to place a deposit and make periodic (usually monthly) repayments at a flat rate of interest.