Private equity owners put Young’s Seafood up for sale

The private equity owners of Young’s Seafood have put the Grimsby-based business up for sale.

Lion Capital, Bain Capital and HPS Investment Partners have invited prospective buyers to take part in a “structured and open bidding process.”

The company has about 1,700 members of staff in Grimsby at its headquarters, product development and manufacturing sites, and around 2,000 in Scotland.

The private equity firms, which have owned Young’s for ten years, said in a statement: “The board of managers of Lion/Gem Luxembourg 3 S.à r.l. has established a structured and open bidding process with all interested parties for the acquisition of up to 100% of the shares in its indirect wholly-owned subsidiary Lighthouse UKCo 5 (Holdings) Limited. This subsidiary, together with its subsidiaries, comprises substantially all of the operations and assets of the Young’s Seafood group.”

A Young’s Seafood spokesperson 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 more than £500m. We aim to inspire people to love fish now and for generations to come.”

Talks are currently being held to try to save hundreds of jobs at a Young’s seafood plant in Annan, Scotland, which is at risk of closure.