Seafood distributor Southern Aqua Seafood (Saqua) is now eyeing further expansion after receiving a £1m facility Cynergy Business Finance which it wil use as additional cash flow to meet its growing orders.
Based in Wiltshire, the seafood distributor experienced significant growth following Brexit and the Coronavirus pandemic. The £1m will also enable the business to expand its global supplier base, consolidating its market position and allow the business to continue to grow its extensive product line.
Tessa Pollard, head of finance at Saqua, said: “With true sustainability being a core mission for Saqua the ever-growing consumer demand for sustainable products means that we’ve experienced strong growth over the past few years, providing top retailers and restaurant groups across Europe with the highest quality seafood from around the world. However, in order to fulfil this demand, it was essential that the business had strong cash flow.
“Working with the team at Cynergy has been seamless. The solution it developed was quick to set up, and has given Saqua year-round access to dramatically higher financing at a far more cost effective rate than any other financing option we could find. I look forward to working closely with Paul and the rest of the Cynergy team to continue delivering on our growth strategy.”
Paul Fraser, executive director at Cynergy Business Finance, said: “It has been a pleasure to work with the team. Sustainability is extremely important to Cynergy Business Finance and seeing Saqua prioritise this within its business is fantastic.”
“We are proud to have supported SAQUA’s mission of delivering sustainable sea food across the world and look forward to continuing to work with the team and seeing their growth over the next few years.”