Ballyhornan-based seafood distributor East Coast Seafoods, located minutes away from the busy Ardglass fishing port, is creating seven new jobs after securing a £125,000 loan from the Growth Loan Fund to purchase new equipment and develop new products.
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Martin Johnston, Director of East Coast Seafoods, is pictured with Mark Canning, Senior Investment Manager at WhiteRock Capital Partners at Ardglass harbour.[/caption]
Finance for the £50m Growth Loan Fund – which provides loans to established Northern Ireland SME’s (small and medium sized businesses) seeking to access growth finance – has been provided by Invest Northern Ireland and private investor, Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC).
Established in 1988 by Martin and Eileen Johnston, East Coast Seafoods currently employs ten people with a further seven positions to be filled over the next 18 months. Its product range includes whole fish, shellfish, fillets, steaks, battered and smoked fish products. The firm also processes, fillets and packs its products.
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Fresh brown crab from East Coast Seafoods.[/caption]
Owner Martin Johnston said: “When we first set up the company we were a small fish distribution business working from a 600 sq. ft premises. Today we operate out of a 14,000 sq ft building which includes five processing units and an on-site seafood shop.
“We have a wide clientele including some of Ireland’s top restaurants and hotels, with our products also being exported to the UK and Europe.”
Eileen Johnston added: “The loan received will help us to purchase new machinery and help support our new product development with Chef Nick Price who we have known for over 20 years. We are looking to create a value added product and are in the early stages of idea generation with Nick.
“We are focused on developing and driving sales in the Republic of Ireland with a view to replicating the Northern Ireland business model, servicing other sectors such as delis and independents.”
Mark Canning, senior investment manager at WhiteRock Capital Partners said: “Martin and Eileen have grown their business significantly over the last 25 years and are one of the leading seafood suppliers in Northern Ireland.
“The Growth Loan Fund is keen to support businesses from all sectors and we are delighted to have been able to support the company in its latest expansion.”
WhiteRock Capital Partners LLP, which is authorised and regulated by the FCA, was established in 2012 to manage the Fund by the consortium of three partners – Braveheart Investment Group, NEL Fund Managers and Clarendon Fund Managers.
Companies seeking funding from the Growth Loan Fund must be based in Northern Ireland, demonstrating growth potential and generally be in the manufacturing, engineering or tradable services sectors. Loans will be typically unsecured and personal guarantees will not be sought.
The loans provided are expected to be complementary to existing sources of finance, including banks, trade finance sources and equity investors. Loans are provided on a fully commercial basis, with monthly loan repayments required over typically a five-year term.
For more information about the Growth Loan Fund’s criteria please contact:
info@whiterockcp.co.uk or go to:
East Coast Seafoods has just won three Great Taste Awards for their products, and Martin has won numerous Great Taste Awards for his smoking technique since 2003.
East Coast Seafoods – 028 44 841196.
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