Specialist corporate finance house DC Consulting has secured funding of £850,000 for Gigha Halibut II Ltd, bringing to £2 million the total it has successfully raised for Halibut farming projects in Scotland in the last two years. DC Consulting sourced and co-ordinated investment from its pool of private investors to raise the equity required and negotiated the debt funding. This round of funding ensures that production of farmed halibut will increase to over 600 tonnes in the next three years.
“This is the second time we have been successful in securing funding for Halibut production on the Island of Gigha,” said Andy McCafferty of DC Consulting. “The business was formed after a major producer moved out of Scotland back in the early 2000s, when Gigha Halibut Ltd was created to acquire and rear 140,000 juvenile fish on a previously dormant facility on Gigha. DC Consulting raised £600,000 in private equity and £300,000 in debt funding at this time, which enabled the company to commence production.
“This latest project enables the management team to increase production further, building its brand and extending its markets. We were able to access the development capital via our pool of private investors, who were enthused by the market opportunity provided by this niche market.”
Alastair Barge, MD of Gigha Halibut, is pleased with the new funding round and optimistic about the further growth of the Halibut industry:
“Farmed halibut is a premium product which has been successfully reared on Gigha over the last two years and is being harvested carefully to ensure sustainability. Gigha Halibut is now playing a significant part in the market for premium fish products and the funding secured by DC Consulting for this second round will ensure that our business will continue to develop and expand markets both in the UK and overseas.”
DC Consulting specialises in corporate finance and strategic business advice in Scotland. Headed by a board of four directors, it is a fast-growing corporate finance adviser, providing innovative financial solutions for established and pre-revenue businesses.
Issued on behalf of DC Consulting by Eileen Prior, Prior PR. For further information contact Eileen on 07802 180 412 or eileen@priorpr.co.uk