A funding package put together in Bristol has helped frozen fish business Interfish make a major acquisition and continue its rapid expansion.
Royal Bank of Scotland Corporate & Institutional Banking (RBS CIB) in Bristol worked with accountants Baker Tilly in the city on the deal which allowed Plymouth-based Interfish Scotland’s acquire Northbay Fishing Company shortly before Christmas.
Since launching as a frozen fish exporter in in 1977, Interfish has grown organically and through a series of acquisitions and joint ventures to become a significant business in the UK fishing industry with activities ranging from fishing, sorting, filleting and smoking through to packing, freezing and distribution.
It now employs more than 200 people and last year turned over £26.6m, operating a fleet of eight boats and specialises in white and pelagic fish (those found near the sea’s surface).
RBS CIB, which has worked with Interfish for 13 years, put together the finance package through a deal team led by its director of structured finance corporates David Moxham and director of client coverage Rob Salisbury. Baker Tilly’s Bristol-based corporate finance team advised Interfish on the acquisition and provided RBS CIB with key financial details.
Mr Moxham said: “The additional volume added to the fishing fleet through this transaction generates increased flexibility, operational security and synergies, and provides the opportunity for the group to benefit from the strong global market in pelagic fish. We look forward to continued success for this excellent South West-based business.”
Baker Tilly corporate finance partner Nick Harber added: “We are delighted to have advised Interfish on its acquisition of Northbay. We have a good relationship with the RBS team, which meant we were able to work with them effectively to complete the deal.”
