Scottish Sea Farms (SSF) is investing £35m in a development site for a new freshwater fish facility near Oban.
The deal is financed by SSF’s longstanding group bankers Den Norske Bank and SSF was represented by law firm, Shepherd and Wedderburn.
The purchase forms part of SSF’s ambitious plans for sustainable growth which will see the company invest a total of £70m over the next few years. Already a salmon exporter to more than 20 countries, the new facility will enable an increase in annual smolt production from 5 million to 11 million.
After initial consultation with the local community, site clearance works are due to begin later in the year before construction commences, with the first fish expected to enter the water in 2019.
The Shepherd and Wedderburn team who advised SSF on the deal was led by SSF’s long standing adviser, George Frier, head of the firm’s Food & Drink group, Andrew Kinnes and Alison Blair on banking, and John Townsend on the extensive property and consenting aspects.
The Food & Drink team has extensive experience in working with clients involved in the aquaculture sector including financing, supply chain, feed arrangements, shipping and environmental consenting.