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November 2, 2016

Thistle Seafoods secures bank deal to fund growth

Scottish seafood manufacturer Thistle Seafoods has secured backing from the Bank of Scotland to help boost the firm's plans for growth.

Scottish seafood manufacturer Thistle Seafoods has secured backing from the Bank of Scotland to help boost the firm’s plans for growth.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
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Thistle MD Ryan Scatterty said what the company called a “multi-million pound asset-based working capital agreement” would “streamline our borrowings and provide us with useful headroom to fund future projects as well as the underlying growth of the business”.

Scatterty said: “The business has gone from strength to strength over the past four years, reaching new domestic and export markets. Our dedicated team has been fundamental to our success and we hope to continue to build on this in the years to come.”

Thistle manufactures more than 150 products and recently moved into new product areas including gluten-free and dairy-free, “responding to the growth in modern eating trends”.

The bank deal comes as Thistle marks “a sustained period of growth, having increased turnover by 35% between 2012 and 2016”. The company said it has seen export sales grow 360% over the same period. Staff numbers also increased by 30% and the company now employs 450 at its headquarters in Boddam near Peterhead.

Graeme Keen, mid-markets relationship director at Bank of Scotland, said Thistle “has recorded impressive growth over the last four years and the team is focused on building on this success and expanding the business further both at home and overseas”.

Keen said the firm’s “confidence and ambition” reflected the findings of the bank’s fifth annual food and drink report, “which strongly suggests that the sector will be able to build on the momentum of recent years”.

“Across the Scottish food and drink industry, firms expect to increase their turnover by an average of 24% over the next five years and will continue to take advantage of the good reputation of Scottish produce in international markets,” Keen said.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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