The 13.5-acre site on Ladysmith Road is adjacent to Young’s Seafood’s current headquarters and consists of six buildings, including an office block and cold stores.
Originally bought by XPO in 2015 for £2.3m, the site has been vacant since May 2017, having closed with the loss of 60 jobs.
Duncan Willey, chartered surveyor with commercial property agency PPH Commercial, who completed the deal, said the importance of the sale should not be underestimated.
‘Too good to turn down’
“It’s not every day that you get the chance to acquire a premises right next door to your existing facility and it proved to be too good to turn down,” said Willey.
“I imagine the new owners will have a long-term plan to upgrade the facilities and bring new life to building, which could be a key part of their future plans.”
Amid speculation about the future of Young’s in recent months, Willey felt that this deal showed the fish processor’s continued commitment to Grimsby.
‘Long-term business plan’
“Hopefully, they will be able to incorporate this sizeable acquisition into a successful long-term business plan to win new contracts and potentially create hundreds of new jobs,” added Willey.
The acquisition comes less than a month after Young’s lost a contract to supply the UK’s third-largest supermarket, Asda, with whitefish and shrimp, as it continues to find a buyer for the business.
Commenting on the loss of the contracts, the manufacturer said: “While we’re naturally disappointed to not have retained this business, Asda remains an important customer for Young’s where we will continue to work together across several categories to deliver great fish and seafood products for their customers.”
Meanwhile, earlier this month, Young’s Seafood’s US export growth, as well as UK foodservice and retail wins, helped boost its sales over the past year, but the performance still failed to prevent its profit slide in its full year financial report.