Lumpfish farmer plans £1m expansion

ANGLESEY based lumpfish producer Ocean Matters is planning to expand after securing £1 million finance from the Development Bank of Wales and HSBC, Wales Online reported yesterday.
The farmer, located in Penmon, said it would be able to double its current lumpfish production capacity from two million to four million in an effort to meet growing demand from Scottish salmon farmers, who use the fish to remove sea lice.
John Callaghan, co-founder of the firm, which started supplying the cleaner fish in 2016, said: ‘We’ve had great success to date, but the additional investment capital will allow us to not only continue improving existing systems but also support expansion construction that enables us to address the growing needs of our customers.
‘This next expansion round, thanks to the support of Development Bank of Wales, brings us to a stage of critical mass where we’re going to take on more employees and be in a much better position to meet the demand in the market.’
Chris Hayward, investment executive at Development Bank Wales, said: ‘After meeting the team and visiting the site in Penmon we knew this was an exciting opportunity for the Development Bank of Wales to support the growth aspirations of Ocean Matters.
‘The company’s passion for battling the historic sea lice plague and their vision for the business really impressed us.
‘Our co-investment with HSBC provides certainty for the company to rapidly get to a critical mass of product so they can meet the growing demand.
‘The investment will also support the company’s mission of being the industry leader in sustainable sea lice management solutions.’
The term of the loan from the Development Bank of Wales is five years
Marine Harvest is also planning to farm cleaner fish in the area, after acquiring the former Anglesey Aquaculture sea bass site in Penmon last year.
This is now undergoing a major redevelopment, and is taking on 12 new staff, before it begins rearing wrasse to supply the company’s Scottish farms.