Young's Seafood owners put business up for sale
The announcement came from its parent comp...
Young’s Seafood, one of the UK’s leading fish suppliers, has announced that it has been put up for sale.
The announcement came from its parent company Lion Capital which is owned by private equity firms HPS Investment Partners (UK), Bain Capital Credit and Lion Capital.
The UK-based firm accounts for around 40% of all the fish eaten in the UK every year and has a workforce of around 1,500 people.
Speculation about the fish supplier’s future has been mounting for months with many predicting that the sale will attract interest from both home and abroad.
- Hilton Food Group acquires Seachill in £80.8mn deal
- Yo! Sushi eyes North American expansion with £59mn takeover of Bento Sushi
- AgriMarine: Canada’s aquaculture technology innovator
Japan’s Mitsubishi Corporation - owner of canned food producer Princes - is rumoured to be plotting a bid, according to The Telegraph.
A spokesperson for Young’s Seafood 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.”
‘Young’s Seafood is the UK’s leading seafood supplier, with a 200-year heritage and a turnover of over £500 million. We aim to inspire people to love fish now and for generations to come.”
In recent weeks Young's Seafood has also announced that it is considering closing its Scottish seafood plant in Annan to move production to Grimsby,
Ireland could create template for global food sustainability
Leveraging innovation could cultivate new agricultural breakthroughs, making Ireland the most responsible and sustainable food producer on Earth, according to a renowned local luminary.
Economist and author David McWilliams has insisted that Ireland can become a pivotal carbon-neutral, resource-efficient and sustainable food producer – possibly the most influential on the planet.
He does acknowledge, however, that there are considerable obstacles on the country’s trailblazing journey to complete energy-efficient and sustainable food production.
McWilliams also claims that the widely-held belief within the EU that reducing food production thus reduces carbon emissions does not tally.
“For the European Union to get an aggregate reduction in carbon emissions,” said McWilliams at the Alltech ONE Ideas Conference. “It would seem to me much more logical to favour those countries that have had an evolutionary, ecological or environmental gift, in order to actually produce more, not less, because your input-output ratio is so much lower than it is either in the parched Mediterranean or in the frozen tundra of the North.”
Reflecting on the situation in the US, McWilliams said its agriculture output had tripled between 1948 and 2015, with exponential gains in efficiency. Surprisingly, agriculture only contributes to 7.5% of total US greenhouse gases, far below the 30% attributed to cars.
“I think American culture is changing, at least when you see it from the outside,” said McWilliams said of President Biden’s approach. “He's saying, ‘There's no point being wealthy if the wealth is only in the hands of a small minority. The wealth has to trickle down to everybody else.’”
McWilliams concluded that for Irish agriculture to modernise and grow, it should use one of Ireland’s leading sectors – technology – as a frame of reference. It currently generates over $25 billion in exports.