Royal Bank of Scotland Group plc : Interfish nets new business with support from RBS

Interfish nets new business with support from RBS 19th January 2012

Plymouth-based Interfish Ltd, has started the New Year with the acquisition of Scotland's Northbay Fishing Company Ltd backed by a finance package from the Royal Bank of Scotland Corporate & Institutional Banking (RBS CIB).

Since starting out as an exporter of frozen fish in in 1977, Interfish has grown organically and through a series of acquisitions and joint ventures to become a significant business within the UK fishing industry, with activities ranging from fishing, sorting, filleting and smoking through to packing, freezing and distribution. In this time the business has expanded considerably, and now represents a workforce of over 200 people with an annual turnover of £26.6m in 2011. It operates a fleet of eight boats involved with Pelagic and Whitefish activities.

Interfish has a longstanding relationship with RBS CIB, having banked with them for the last 13 years. The latest funding package delivered by the RBS deal team led by David Moxham, director of structured finance corporates and Rob Salisbury, director of client coverage will help it continue its impressive growth. The deal, which completed in December 2011, will see Interfish acquire the Northbay Fishing Company's own vessel, Prowess, and associated fishing quota. Baker Tilly's South West Corporate Finance Team advised Interfish on the acquisition and provided RBS CIB with key financial details.

Interfish Limited, Management Team, commented, "This is a particularly important acquisition as the demand for pelagic fish continues to improve and demand from markets such as China and Africa is on the increase. Fishing quotas across the UK are tightly regulated and often difficult to come by, so being able to acquire Northbay will add substantially to our business. Both RBS and Baker Tilly's understanding of our business and their ability to work as a team was enormously beneficial to the overall outcome."

David Moxham, director, structured finance corporates south, RBS Corporate & Institutional Banking in Bristol, said: "RBS is once again delighted to work with and support the management of Interfish in securing this complex but strategically significant acquisition. 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 are pleased to extend our relationship with Interfish and look forward to continued success for this excellent South West-based business."

Nick Harber, Baker Tilly corporate finance partner, said: "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."