OTAQ signs up for £2 million coronavirus business interruption financial support loan

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Five-year loan facility signed with venture capital firm will be used to fund further acquisitions.

In a press release on the London Stock Exchange, marine technology products and solutions group for the aquaculture industry OTAQ writes that a signed a five-year GBP 2 million Coronavirus Business Interruption Loan Scheme (CBILS) Term Loan Facility with venture capital firm BOOST&Co.

CBILS provides financial support to smaller businesses (SMEs) across the UK that are losing revenue due to pandemic, available for SMEs through more than accredited lenders across the UK.

The company develops SealFence, a deterrent system designed to deter seals and sea lions from salmon farms

OTAQ said it has has a cash balance of approximately GBP 1.4 million as of 31 December, and that the board is continuing to monitor and explore its financing requirements.

This is particularly to fund further acquisitions as it focuses on broadening its product and service portfolio to a global client base. As part of this objective, the company said that it, therefore, has fully drawn down on the GBP 2 million CBILs loan.

OTAQ CEO Phil Newby said that he was delighted with the “additional flexibility that the loan provides” and that it puts the company “on a strong footing to further grow its portfolio”.

Last year, it acquired ROS Technology as part of its strategy to acquire small and medium-sized businesses to take “advantage of the continuing growth in the salmon farming and aquaculture industry.”