A CHESHIRE-based food supplier is planning to scale up after securing a multi-million-pound funding package.

Sykes Seafood, an independent frozen seafood supplier, has plans to utilise the £50million loan provided by HSBC to grow the firms offering and appeal to new target markets.

The Great Sankey firm has taken on both a £50million asset-based lending (ABL) facility as well as a £12million term loan to assist in scaling up the business.

And as a result of HSBC UK funded growth, the business is anticipating a 20 per cent year increase in turnover over the next 12 months and the creation of 40 new jobs across a range of roles.

Alan Dale, group CEO of Sykes Seafood, said: This latest funding package will help Sykes Seafood expand into new territories and explore new possibilities across the UK.

“We have worked with HSBC UK for nearly a decade and throughout this time, the bank has been understanding of our ambitions and long-term strategy as a business. We’re looking forward to pressing ahead with these growth plans over the coming months.”

Founded in 1862, Sykes Seafood supplies cold and warm water shrimp to the UK retail and food service industries.

The business sells more than 600 products spanning 110 species which are sustainably sourced globally for distribution across the UK to independent wholesalers, processors, restaurants, and various other consumers.

Matthew White, corporate business development director at HSBC UK, added: “It’s fantastic to see Sykes Seafood continue to grow strongly, despite wider challenges being faced across the sector.

“This is the result of a business understanding its customer base, demands and scale of operations. This attention to detail will stand the business in good stead as it continues to grow across the UK.”

The HSBC UK funding package follows a period of growth for Sykes Seafood, that has recently seen the acquisition of three other seafood companies - Klaas Puul, Ruskim Seafoods, and The Big Prawn Company.

HSBC UK previously supported Sykes Seafood in 2023 with an £8million funding package for the refurbishment of a 170,000 sq. ft freezing facility.