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.
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
"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
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.