$1.5m export factoring facility for major European seafood provider

funding for seafood company The company is expected to be able to increase the amount of product processed at its factory for large scale orders

An unnamed seafood exporter and processor has secured a $1.5m export factoring facility from DS-Concept.

DS-Concept, which specialises in international non-recourse factoring, said the company concerned will benefit both from accelerated cash flow and the ability to increase the amount of product processed at its factory for large scale orders.

Sveinn Reynisson, country manager of DS-Concept, Iceland, said: “The client is a well-managed company known for the quality of its products. Their products are sought after in the UK where they are available in major retail chains.”

Portfolio fit

Speaking of the company, which is structured in two currencies to service its markets in the UK and France, Mr Reynisson added: “They will be an excellent addition to the DS-Concept portfolio and through the partnership with DS, they will be able to increase their turnover and strengthen the basis of the company.”

DS-Concept said the company uses high tech machinery for fast processing and works with selective fishing vessels that provide the best quality fish.

To ensure the delivery of high quality products, freshness and fast delivery to large wholesalers who service retail chains, the company reportedly works closely with Icelandair Cargo and Bluebird Airways to transport its products via air freight.

DS-Concept works with SME and middle market companies.

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