Creating a global premium Scottish halibut brand in
the natural home of Atlantic halibut.
The Problem
The world’s population stood at 8 billion people in 2022 and is forecast to grow to 9 billion by 2037.
This is creating an ever-increasing demand for food from all sources.
2022 also witnessed an inflection point in the aquaculture industry, with farmed seafood (94.4 million tonnes) exceeding that caught from the wild (91 million tonnes) demonstrating the increasing demand for seafood with a growing population and the increased pressure on diminishing natural resources.
Our Solution
A significant increase in farmed seafood as demonstrated by the growth of the farmed salmon
industry from zero 60 years ago to 3 million tonnes a year in 2025 (1.5MT Norway, 1.0MT Chile and
0.2MT Scotland - the UK’s largest food export worth nearly £1bn a year).
This development and successful growth in farmed seafood has been further demonstrated by Stolt Sea Farms in Galicia (northwest Spain) who are the world’s leading experts on flat fish aquaculture on land and are currently producing 1,800MT of sole and 7,200MT of turbot each year with plans to treble production over the coming years.
Executive
Summary.
The Scottish Halibut Company will build a
£1 billion plus business featuring the next generation of land-based finfish farms in Scotland and create a global premium Scottish halibut brand in the natural home of Atlantic halibut.
2022 witnessed an inflection point in the global
aquaculture industry, with farmed seafood (94.4 million tonnes) exceeding that caught from the wild (91 million tonnes) for the first time in history. This will only
continue as wild stocks are over-fished and the increasing demand by a growing population can only be met with human intervention and an ever-increasing supply of
farmed seafood.
Farmed salmon has dominated finfish aquaculture from its beginnings 60 years ago in Scotland and Norway to what is now a 3 million tonne a year industry, and growing. Scottish salmon is the UK’s largest and fastest growing food export estimated to be worth £828m in 2025 and commands a 10% premium over other salmon producers because of the global reputation of Scottish food and drink.
Stolt Sea Farms are a leading land-based flatfish aquaculture business producing 7,200 tonnes of turbot in multiple facilities in Galicia, northwestern Spain. They use tanks supplied by a continuous flow of fresh seawater from the Atlantic coastline. They also produce 1,800 tonnes of sole in land-based recirculating aquaculture systems both in Spain and other countries. They have plans to increase combined production to 23,000 tonnes by 2035. As thought leaders in their field, they have developed simple, highly controlled land-based facilities that protect both the welfare of fish,
the local community and environment.
Over the last 10 years, Norway has been developing Atlantic halibut as the next big finfish aquaculture opportunity, using the natural resources of their geographical location and commercialised the knowledge originally developed in Scotland. They now produce over 2,500 tonnes of Atlantic halibut at sea, with plans to increase to over 20,000 tonnes by the mid-2030s.
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Atlantic halibut caught from the wild is currently
estimated at 10,000 tonnes per annum (a total of 27,700 tonnes if you include Pacific halibut), demonstrating their scarcity and the scale of the opportunity for farmed
Atlantic halibut.
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​The Scottish Halibut Company have all the
key attributes to build a £1 billion plus Atlantic
halibut farming business in Scotland:
Team:
To deliver on our Vision we have assembled a world class team led by Ed Tame, CEO who has previously managed an Atlantic halibut hatchery and land-based facility in Scotland. Ed is supported by Nick Brown, Managing/Operations Director who has over 30 years experience with Atlantic halibut working in Scotland, USA and Canada. Both are further supported by Nigel Mills CBE a serial entrepreneur as Executive Chairman
(co-founder of the Lakes Distillery, recently sold for £71m) and Nick Joy (co-founder of Loch Duart Salmon, a globally recognised seafood brand) as consultant as well as some of the most reputable leading professional services teams in Scotland.
Location:
Scotland’s geographical location (the natural habitat of Atlantic halibut); the infrastructure already in place for a near £1 billion export industry, salmon; and Scottish Government support through their various business development agencies - Highlands and Islands Enterprise, Scottish Enterprise, Academia as well as the wider industry.
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"
Aquaculture is potentially
the largest sustainable food
investment opportunity over
the next 25 years:
Creating 20 million jobs by 2050,
and a $1.5 trillion investment opportunity.
World Bank & World Wildlife Fund -
Harnessing the Waters:
A Trillion Dollar Investment Opportunity
in Sustainable Aquaculture.
"
Technology, know-how and links with academia and R&D facilities:
We have the skills and know-how to produce
consistent, high quality juvenile Atlantic halibut, and technology to grow flatfish to market size (7kg+) in land-based, flow-through systems profitably at scale, increasing control, improving fish welfare and avoiding the current and future environmental and biological challenges of sea-based farming. Our strong links with academia and R&D facilities will ensure we further innovate and develop a successful land-based halibut aquaculture business in Scotland.
Our phased ‘crawl, walk, run’ strategy recognises the long lead times required to build a robust broodstock and scalable production systems.
In our first 6 years (crawl phase) we will:
• Build a broodstock, hatchery and 250 tonne
grow out facility (£20m capex) on our first
6-hectare coastal site in Scotland.
• Rear 5-10g juveniles and sell to other halibut
producers generating £1.5m plus in annual
revenue from 2029.
• Demonstrate the quality of Scottish farmed
Atlantic halibut within the first six years.
• Establish a solid financial footing with £7.7m
revenue and £3.5m cash EBITDA by 2032.
This is the approach Stolt Sea Farms took when setting up their sole and turbot farms in Galicia, northwest Spain on the Atlantic coast. Nordic halibut started with sea pens and bought in most of their juveniles from a third party in the formative years. They are currently building a new land-based broodstock, hatchery and nursery (up to 150g) to increase the supply of juveniles
to be grown at sea and secure future supplies.
Our subsequent years (walk and run phases) build on the biological, technical and financial foundations
(from 2032) and our funding strategy will dictate scale at this point.
Years 7 to 10
• Finance options for incremental 250 tonne capacity
increases (£5m capex) or;
• Raise further investment (£70m; CapEx and working
capital) to build 2,000 tonnes of capacity over multiple
sites throughout Scotland (Stolt Sea Farms model).
• Further strengthen brand presence and export
opportunities.
• Grow revenue to £62m.
• Generate £33m cash EBITDA.
• Employ 85 plus people in highly skilled roles.
Years 11 to 15
• We will complete the scale up of both hatchery
and grow out capacity to support 10,000 tonnes of
premium Atlantic halibut annually.
• future revenues over £310m (£177m cash EBITDA).
• Become a fully vertically integrated business.
• Employ over 300 people; and
• Position the business for a valuation exceeding
£2 billion plus.
Now is the time to seize this opportunity to
own a significant part of the fast-developing global
Atlantic halibut industry based in Scotland.
"
"
Aquaculture is among the
most sustainable ways to produce
animal protein and will be
essential in feeding the
world’s growing population.
Sergio Nates, Senior Director
for Aquaculture at WWF.
Highly credible
and experienced
leadership team.
Founding Team
Nigel J Mills CBE
Nigel is a serial entrepreneur and investor with 30+ years of experience
in the food, beverage and hospitality sector.
He co-founded The Lakes Distillery
and sold it to Nyetimber Sparkling
Wine in June 2024 for £71m.
Ed Tame
Co-founder &
Ed has 15 years’ experience leading businesses in aquaculture and wider food system. He ran Scotland’s only Atlantic halibut hatchery & grow-out farm – Gigha halibut, known by name
on leading white tablecloth
restaurants in the UK and overseas.
CEO
Co-founder &
Chairman
Consultants & Advisors
Consultant
Nick Joy
Nick founded Loch Duart Salmon Ltd in 1999 and was managing director for 15 years. Grew its’ turnover from £3.4m to £24m. Built global brand recognition.
Still regarded as the finest
Scottish salmon you can buy.
Mark Shotter
Capital Project Managers-
Site Development
Mark is a Project Development Professional specialising in the aquaculture and renewable sectors.
He has led the development of sustainable aquaculture
projects in Scotland for Loch Long Salmon and Simply Blue Group.
David McGuire
Morton Fraser MacRoberts –
Partner
David has a considerable experience in commercial property, with a particular focus on renewable energy and extensive experience in hotel and commercial developments.
Michael Kelly
Morton Fraser MacRoberts –
Partner
Michael is a balanced and pragmatic
Corporate adviser, working through complex and high value transactions in a straightforward and commercial manner.
Greaves West & Ayre -
Accountant
Stuart Millar
Stuart qualified as a Chartered Accountant in 2017 after studying at Glasgow University. In 2021, named in the prestigious
Accountancy awards 35 under 35 list
showcasing rising stars.
AAB –
Corporate Finance Partner
Iain Walker
Iain has 20 years’ experience in Corporate Finance, both in the UK and overseas. Worked in the M&A team of an AIM listed business. A Chartered Accountant, Chartered Business Valuer and Accredited in Business Valuations.
