13 September 2006
SHETLAND DEVELOPMENT TRUST PROVIDES LOAN ASSISTANCE TO NUFISH
Shetland Islands Council has today (Wednesday 13 August) approved a Shetland Development Trust decision to provide a loan of £750,000 to Nufish Ltd, a subsidiary of Shetland Organic Seafoods Ltd, towards the cost of extending the hatchery facility at Broonies Taing, Sandwick.
The investment will allow the company to expand production at the hatchery and create a viable business that can control the supply of all juvenile cod for on-growing at Nufish Ltd’s sister company Johnson Seafarms. The project will create up to four new jobs in addition to the 18 that already exist at the hatchery.
Chairman of Shetland Development Trust, Josie Simpson, said: “I am very pleased that Shetland Islands Council has supported the Trust’s decision to fund this project. The Shetland Organic Seafoods’ group of companies has been successful in attracting significant investment from outwith Shetland which has allowed the business to flourish.
“We believe that the Shetland economy, as a whole, will benefit from the diverse nature of this project. We also fully appreciate the value to the islands from the on-grown product eventually reaching the marketplace as a quality, Shetland branded product.”
Shetland Development Trust project manager, Wendy Goudie, said: “Our policy is to support diversification in the aquaculture industry. This business is in the fortunate position of being in complete control of its market with a ready and continual requirement for juvenile cod from its sister company, Johnson Seafarms. Any future excess of fish may be made available to other businesses in Shetland that wish to diversify into cod farming in the future.
“The business also benefits from a highly skilled and experienced workforce with a strong track record in the required fields of biology, engineering, live feed production and algae production, which are essential in minimising the associated risks attached to the delicate business of hatching fish.”
Welcoming the investment, Karol Rzepkowski, Managing Director of Johnson Sustainable Seafoods said: “I’m extremely grateful for all the support provided by the Council and the Shetland Development Trust. This is very new and exciting project for us and will enable us to develop the hatchery, which is vital for all aspects of the business. The money will also have a fundamental impact on the local community, not only in terms of employment, but also enabling the ex-oil terminal being converted into a state-of –the-art cod hatchery.”
Notes to Editor
Shetland Development Trust has already invested £1,815,000 in Johnson Seafarms and the wider Shetland Organic Seafoods’ group, of which £646,000 of capital has already been repaid.
A further investment of £300,000 to assist in equipping the group’s processing factory in Scalloway is currently being processed. (Waiting for pre-conditions to be met)
The role of the Shetland Development Trust is to give direction to the development of the Shetland economy. This is achieved through the provision of financial assistance to new and existing businesses. SDT support is aimed at projects which demonstrate commercial viability and lead to the maintenance and development of Shetland’s industries on a long term sustainable basis.
All new applications for funding are reviewed at ‘screening meetings’ that are attended by staff from the SIC Economic Development Unit, Shetland Enterprise and SDT.