Fri, 20 Apr 2018 | BUSINESS SALE
The owners of Young's Seafood have placed the British frozen food manufacturer up for sale, confirming intense speculation that took place over the winter period.
Owners and investors Lion Capital, Bain Capital and HPS Investment Partners have announced they are open to bids for the UK's leading seafood supplier following 10 years of ownership.
The partnership has called in investment house Stamford Partners to hire the sale of the firm, which is expected to achieve a final sale price of up to £300 million.
In response to the announcement, a Young's Seafood spokesperson revealed that the company intends to begin an open bidding process for the acquisition of up to 100 per cent of its shares.
"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," he said. "We aim to inspire people to love fish now and for generations to come."
While there is no timescale for the bid, many potential buyers are expected to come forward in the coming months thanks to the company's attractive £500 million turnover and strong reputation following 200 years in the industry.
According to Dave Monaghan, from Unite the union, the announcement of the sale is "no surprise" to the company's thousands of staff members, who work across the company's Grimsby headquarters and Scottish site.
"We would hope any further investor comes from the fish and food processing industry, time will tell," said Mr Monaghan, who represents the firm's employees. "And that whoever purchases the business will maintain investment in the Grimsby area."
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