Loch Duart scales up production with HSBC backing

Scottish salmon business Loch Duart has purchased a new feeding barge to increase production after securing a six-figure asset financing deal from multinational banking organization HSBC UK.

Intended as a less labor-intensive means of delivering feed to the producer’s salmon, the vessel has been put at Loch Duart’s largest production site: Oldany in Sutherland.

According to a press release, the purchase of the new barge is part of Loch Duart’s ongoing strategy of placing more emphasis on cleaner-fish management and husbandry, while making sure the best technology possible is implemented to maximize efficiencies.

The new feed barge also means that feed delivery can be maintained during adverse weather conditions.

“This investment is part of a strategic program to continually update our equipment, placing the husbandry and quality of our salmon at the forefront of our farming. The new feed barge also means we can harness the experience and skills of our team better by removing some of the manual labor currently needed, while also enabling us to scale up production significantly,” Loch Duart Financial Director Simon Maguire said. “HSBC UK have proven to be a valuable partner for Loch Duart in recent years though their ongoing backing, advice, and collaboration in supporting our growth.”

HSBC UK Relationship Director Grant Bett said that the bank “is committed to backing growing Scottish businesses,” and that Loch Duart is “a great example” of a Scottish business success story, as a global exporter. 

“The fishing industries have had a challenging year with Brexit and COVID, and Loch Duart have maintained their operations and global reputation throughout, including through significant investment. We’re delighted to be able to continue to provide support as an important next step of its international growth plan,” HSBC UK Equipment Finance Director Marcus Sangster said.

Photo courtesy of Loch Duart