A North East sustainable seafood company is set to boost its capacity after securing a seven-figure funding package.
Founded in 2003, Libra Seafoods, based in Jarrow, South Tyneside, is a family firm that sources, processes and distributes seafood products.
Specialising in converting block frozen prawns, it sources its sustainable seafood from the Far East and South America. It then uses market leading manufacturing processes and equipment to ensure that all its products are cooked, chilled and frozen to eliminate microbiological growth.
Now, with increased demand for its products, Libra has turned to its new banking partner Santander UK for additional financing to increase its processing capacity, tapping into a seven-figure funding package, including trade facilities, which will help to increase production capacity by 25%.
With the financing in place, work will begin on a new cold store which will increase processing capacity 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, added: “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.”
