Wales-based Channel Fisheries has received £750,000 of investment from Finance Wales to acquire UK fish wholesaler Murray’s Fresh Fish.

The business, a wholesaler of fish and seafood, also has plans to expand its processing facilities and double its commercial operations in the next 3-5 years.

Channel Fisheries collects its produce from Burry Port, Penclawdd, Brixham and Looe, with speciality seafood sourced from Scotland.

Its customer base includes Michelin-starred restaurants, chains such as the Jamie Oliver Group and food halls in Harrods and Fortnum and Mason.

The transaction has been made through the £40 million Wales SME Investment Fund, and will allow Channel Fisheries to grow its exposure to what it describes as ‘lucrative export markets’ in continental Europe, the Middle East and the US.

Kevin Coleman, chief executive of Channel Fisheries, comments, ‘We have some ambitious expansion plans, so we’re please to be able to secure investment from the Wales SME Investment Fund which has come at the right time for us.

‘Finance Wales tailored the investment to suit our business plan and give us the best chance of success.’

The £40 million Wales SME Investment Fund is said to complement the existing £150 million European-backed Wales JEREMIE fund, with fewer sector restrictions.

Finance Wales says that a wider range of small and medium-sized businesses (SMEs) can now apply for investment from Finance Wales, including those providing goods and services to consumers, such as in the retail and professional services sectors.

James Henderson, investment executive at Finance Wales, says that Channel Fisheries is a well-established Welsh business with a ‘hard-won’ reputation.

‘Kevin and the team understand their market very well. This is an excellent example of the type of Welsh SME we can now invest in thanks to the Wales SME Investment Fund.