Seafood producers named in Britain’s top 100 private companies Published: 25 June, 2013
TWO major fish producers have been named among the 100 top track British private companies with the largest sales.
Researched and compiled by Fast Track and published by The Sunday Times at the weekend, the pair are the Iglo group, which is best known for its Birds Eye brand in Britain, and Findus, which owns Young’s the UK’s main seafood name.
Iglo is listed at number 34 in the top 100 with sales of £1,276-million and profits, according to the latest available figures, of £284 million. The group has a European-wide operation and is currently owned by the private equity group Permira.
The analysis said Permire considered a sale before it decided to refinance with loans of £1.4 billion in November. Earlier this year its chief executive Martin Glenn left after a highly successful reign and he has now been replaced by 47-year-old Elio Leoni Sceti.
The Findus group is number 39 in the top 100 and with sales of £1,133-million is now one of Europe’s largest frozen and chilled food producers. It produced profits (according to the last known figures) of £90-million and employs almost 5,000 staff, more than half of then in Grimsby and in Scotland.Its two main seafood businesses are Grimsby-based Youngs and the Seafood Company and an estimated 20 million people eat its products every week.
Lion Capital, one of the main private equity owners of the business, led a recent restructuring which included a £220-million cash injection. Findus also has a new chief executive in James Hill, who took over shortly after Findus Lasagne became embroiled in the horsemeat scandal. Another business listed in the top 100 with strong fish credentials is the Brakes Foodservice group owners of M&J Seafoods, which has a major operation in Grimsby. The Brakes Group had sales of £2,898 million..