Sykes Seafood, based in Warrington, England, is poised for growth following the acquisition of a substantial funding package from HSBC. This GBP 50 million (USD 62.6 million) boost includes an asset-based lending (ABL) facility of GBP 50 million along with a term loan of GBP 12 million (USD 15 million). This financial infusion is intended to propel Sykes Seafood’s expansion plans and enhance its market presence.

Growth Strategy and Job Creation

With this substantial funding, Sykes Seafood aims to diversify its offerings and target new markets. The company anticipates a notable 20% increase in turnover over the next year and plans to create approximately 40 new positions spanning a variety of roles within the organization. This expansion signifies a promising outlook for employment opportunities in the Warrington area.

Established in 1862, Sykes Seafood has a rich history of supplying cold and warm water shrimp to both the UK retail and food service industries. The company’s extensive product range includes over 600 items sourced sustainably from 110 species across the globe. Sykes Seafood distributes its products nationwide to independent wholesalers, processors, restaurants, and various consumers.

Past Success and Future Ambitions

This latest funding milestone builds upon Sykes Seafood’s recent achievements, including the strategic acquisition of three other seafood companies: Klaas Puul, Ruskim Seafoods, and The Big Prawn Company. Moreover, HSBC UK has been a key supporter of Sykes Seafood, previously providing an GBP 8 million (USD 10 million) funding package in 2023 for the refurbishment of a 170,000 square-foot freezing facility.