Mon, 31 Oct 2011 | BUSINESS SALE
The company behind two of the UK's best-known seafood brands, Young's and The Seafood Company, is considering selling them on as it tries to cut its debt pile.
The frozen food group, Findus, and its owner, Lion Capital, are understood to have appointed financial advisers to examine the option of selling the two names, according to information in the Mail on Sunday.
Findus was bought by Lion Capital in 2008 for around £1.1 billion, but the company has struggled in the face of rising costs and competition. It nearly breached the covenants on its £721 million debt pile earlier this year, but Lion offered it further support that allowed it to renegotiate the terms with its banks.
Grimsby-based Young's is one of the most recognisable names in British seafood. The brand dates back to 1805, and the company has recently secured the endorsement of Jamie Oliver for a range of sustainable frozen fish products made from pollock instead of cod.
The Seafood Company is the largest UK supplier of chilled fish, providing seafood for all of the major supermarkets. It operates sites in Grimsby and Cromer, with a plant in Edinburgh that is dedicated to providing fish for Waitrose.
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