Young's Seafood product. (Photo: Young's Seafood)

Open bidding process for Young's Seafood sales announced

UNITED KINGDOM
Thursday, April 19, 2018, 22:40 (GMT + 9)

Grimsby-based Young's Seafood has been put up for sale, which is not ‘surprising’ to unionists as the announcement has been in the pipeline for two years.

The formal notice came out of Luxembourg with the board of managers of the investment companies holding the shares, Lion Capital, Bain Capital and HPS Investment Partners, announcing they had established an “open bidding process with all interested parties for the acquisition of up to 100 per cent of the shares” in Young’s.

The company employs about 1,700 members of staff at its headquarters, product development and manufacturing sites in Grimsby, Lincolnshire. It also has five sites in Scotland, where some 2,000 people work, BBC News reported.

"We would hope any further investor comes from the fish and food processing industry, time will tell," pointed out Dave Monaghan, from Unite the union. "And that whoever purchases the business will maintain investment in the Grimsby area," he added.

The company has been in business for more than 200 years and based in the northern Lincolnshire port for more than 50 years. It has a turnover of more than GBP 500 million.

Young's Seafood recently announced it is creating 200 more jobs to handle new Marks and Spencer contracts and further salmon processing it has proposed to move south as it seeks to close a plant in Annan, Scotland.

 Related articles:

- Marks and Spencer urged to avoid seafood factory closure
- Young’s Seafood announces M&S partnership and Annan´s factory closure

 
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