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Development Bank of Wales lends £500,000 to Ocean Matters

Theo Osborn | 13:37 Tuesday 14th August 2018

The Development Bank of Wales has provided a £500,000 loan to Ocean Matters.

The north Wales-based company breeds lumpfish, a type of cleaner fish which helps to provide a cleaner growing environment for farmed salmon.

Ocean Matters will use the funding to double its lumpfish production and expand to provide a natural solution to the sea lice problem for the benefit of fish farmers, consumers and the environment.

John Callaghan, co-founder and director of Ocean Matters, 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.”

Ocean Matters has also secured a further £500,000 loan from HSBC.

Chris Hayward, investment executive at Development Bank of Wales, said: “After meeting the team and visiting the site in Penmon [in Anglesey], 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 [its] 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 [production] so [it] can meet the growing demand.”

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