LONDON: OTAQ Plc, the marine technology products and solutions group for the global aquaculture and offshore oil and gas industries, has a signed a five-year £2 million Coronavirus Business Interruption Loan Scheme (CBILS) Term Loan Facility with BOOST&Co.
The Company has a strong cash balance of approximately £1.4 million as at 31 December 2020 and the Board continues to monitor and explore its financing requirements, particularly to fund further acquisitions as the Company focuses on broadening its product and service portfolio to a global client base.
As part of this objective, the Company has therefore fully drawn down on the £2m CBILs loan.
Phil Newby, Chief Executive at OTAQ, commented: “We are delighted with the additional flexibility that the loan provides, putting the Company on a strong footing to further grow its portfolio.
We already have a number of new products in our pipeline while last year’s acquisition of ROS Technology and our investment in Minnowtech’s shrimp biomass measurement technology highlight our ability to consolidate our position in the sector.”
Joanna Scott, Principal at BOOST&Co, said: “We are delighted to be working with OTAQ on its continuing growth journey and supporting UK businesses during this uncertain time through our CBILS programme. OTAQ’s innovative products and dynamic management team put the business in a strong position to capitalise on its growth opportunities in the near future.”
OTAQ is a highly innovative marine technology company focused on the marine aquaculture, offshore energy, renewables and oceanographic research sectors. It operates in four worldwide locations: Lancaster, Aberdeen and Ulverston in the UK and Puerto Montt in Chile.