Kingfish Co secures €10m bridging loan for expansion
On-land fish farmer The Kingfish Company has secured a €10 million (£8.4m) bridging loan from Rabobank to fund continuing work on the expansion of its facility in Zeeland, Netherlands.
The company, which grows yellowtail kingfish (seriola lalandi) in a recirculating aquaculture system (RAS) facility, is expanding capacity at Zeeland from 1,500 to 3,500 tonnes a year.
In a market announcement today, Kingfish said long-term debt financing to secure completion of phase 2 of the facility is in advanced stages.
In its report for 2021, published last week, the company said it was well on track with phase 2. It spent approximately €13m on phase 2A in the second half of last year as part of an overall capital expenditure of €18.7m. Capex is expected to increase this year as it embarks on phase 2B, dependent of financing.
Doubled turnover
Kingfish said it more than doubled turnover from €5 million in 2020 to €10.4m last year on the back of increased production and a 6.5% increase achieved in prices.
Sales of whole fish equivalents (WFE) increased to 902 tonnes, compared with 467 tonnes in 2020. The average sales price was €11.5/WFE kg in 2021.
Kingfish sells fresh and frozen retail-ready portions in 14 countries, as well as supplying the food service market.
The firm’s US subsidiary, Kingfish Maine, has permission to build an 8,500-tonne capacity yellowtail RAS facility in Jonesport, Maine and will start construction once financing has been secured.
