More than 570 jobs have been secured with the announcement that Young’s Seafood has acquired fellow fish firm Cumbrian Seafoods for an undisclosed sum.
Cumbrian’s subsidiary firm Border Laird has also been bought by Young’s following the firm’s decision to go into administration on December 5.
A spokesman for administrator PricewaterhouseCoopers (PWC) said: “It remains business as usual for customers and staff”. All jobs will also be transferred, according to PWC, enabling “the continuity of supply to customers in the run up to Christmas”.
Raw material costs
Cumbrian employs 378 people in Seaham, County Durham, with a further 117 in nearby Whitehaven. Border Laird also employs 79 people in Amble, Northumberland.
Rising raw material costs and reductions in activity played a key role in the firm’s decision to go into administration, according to PWC.
Peter Vassallo, chief executive of Cumbrian, said: “While I recognise that it is a difficult time for all concerned, this transaction is in the best interest of our employees and customers.”
Leendert den Hollander, chief executive of Young’s Seafood, said: “This is the beginning of a process and the teams involved will work hard to understand the business and consider in detail how best to take the customer contracts forward. Our focus is on customers - on fulfilling their contracts - and consulting with new employees on possible options for the future.”