9 January, 2008

Shetland Development Trust has invested almost £350,000 into a hire purchase agreement to allow a local salmon farm to buy a Norwegian workboat.

The Laika was delivered just before Christmas to Ivor and Angus Johnson of Green Island Organics Ltd, of Vidlin.

The investment firm's project manager Wendy Goudie said: "The company had been hiring a workboat and this hire purchase facility will allow the business to make a long-term investment in a modern vessel enabling Green Island Organics Ltd to further their business efficiency."

Green Island Organics director Ivor Johnson said he was pleased with the trust's involvement.

"This investment has already improved the efficiency of the business. It is also promising to see renewed confidence in the industry and we look forward to continued prosperity in 2008," he said.

Green Island Organics holds licenses for 14 sites around Shetland employing nine people.

Hire purchase is a leasing system for purchasing plant or equipment where the goods do not become the property of the purchaser until the last instalment has been paid. The borrower is required to place a deposit and make periodic (usually monthly) repayments at a flat rate of interest.