Young’s sale muddies Pinneys situation
In a statement from the parent company, Lion Capital, which is owned by the private equity firm HPS Investment Partners (UK), Bain Capital Credit and Lion Capital, said that the bidding process for 100% of the business was now open.
A Young’s spokesman said: “We have sent out notification that we intend to start a structured and open bidding process with all interested parties for the sale of the Young’s Seafood group.
‘UK’s leading seafood supplier’
“Young’s Seafood is the UK’s leading seafood supplier, with a 200-year heritage and a turnover of over £500m. We aim to inspire people to love fish now and for generations to come.”
Young’s Seafood had previously announced plans to close its Pinneys site in Scotland, resulting in the loss of 450 jobs and the relocation of production to its Grimsby plant.
It had said the site was “no longer financially sustainable”. The move to Grimsby is expected to create 200 jobs.
Minister for Business Paul Wheelhouse had previously met with Young’s Seafood over the Pinneys site and said he would be contacting them regarding the sale.
‘Options to secure a positive future’
He said: “I will be writing to Young’s to ask them to keep open all options to secure a positive future for the site, such as retaining it as part of the company, as a new buyer is sought, while pursuing our existing work to identify other investors who may be interested in the Pinneys of Scotland site, staff and iconic brand.”
Other MSPs criticised the sale announcement, given the number of jobs at risk. Joan McAlpine said it was “imperative that the closure plans are put on hold so that the consultation can run its course, and so that the action group has the chance to talk to the new owners of the plant”.
