Young’s buys site for Grimsby expansion
YOUNG’S Seafood is thought to have spent more than £1 million buying a 13-acre site in Grimsby in readiness for future expansion in the town.
The land is a former cold store and logistics base less than two miles from its main fish dock production factories.
The site was on the market at £1.5 million, but the final selling price is not known. However, it is clear that Young’s is preparing for a long term expansion of its Grimsby operation.
The company declined to comment on the purchase when approached by Fish Update.
The site originally belonged to Christian Salvesen, the former Scottish fishing and transport company, before passing to the French logistics business Norbert Dentressangle. It was bought by XPO Logistics three years ago, but closed down in the spring of 2017.
Young’s has enjoyed a roller coaster ride since the beginning of the year, with rising sales and profits from its operations both at home and in the United States.
It has also won a number of important new contracts over the past few months, firstly gaining the M&S coated fish business from Five Star Fish, which is closing its Grimsby factory at the end of the year.
Then it shocked many people in Scotland by announcing the closure of its Pinneys salmon site in Annan and moving the fresh salmon operation from there to Grimsby.
Two weeks ago it announced the renewal of a key contract to supply the Pret A Manger sandwich chain with salmon. But it has also lost a contract with Asda, said to be worth £30 million.
In April, Young’s was put up for sale by its private equity owners with the hope that a deal can be completed before Christmas.