Young\’s paid Pinneys staff £7.7 million

YOUNG’S Seafood spent more than £7 million on redundancy payments to the 450 staff who worked at its Pinneys salmon site in Annan, the company’s annual report has revealed. The factory closed amid controversy last year after the company decided to move salmon production to Grimsby and abandon the manufacture of some loss making items.…

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Young\’s paid Pinneys staff £7.7 million

YOUNG’S Seafood spent more than £7 million on redundancy payments to the 450 staff who worked at its Pinneys salmon site in Annan, the company’s annual report has revealed. The factory closed amid controversy last year after the company decided to move salmon production to Grimsby and abandon the manufacture of some loss making items.…

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Russian buyer to reopen Pinneys

THE Scottish salmon plant Pinneys, shut by Young’s Seafood last year, is set to reopen this autumn after being bought by a Russian company. More than 100 jobs are set to be created at the factory in Annan, with potentially more in the future, the Scottish government has announced. The factory in Dumfries and Galloway…

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Young's reports impressive growth

SOLID sales growth and the capture of important new contracts helped give Young’s Seafood an impressive increase in turnover and gross profits last year. The company reported turnover of £545.9 million for the financial year ended September 30, 2018, a rise of 4.3 per cent, and an EBITDA (earnings before interest, tax, depreciation and amortisation)…

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Pinneys staff forgotten claims MSP

THE 450 people who lost their jobs following the closure of Young’s owned Pinneys salmon site at Annan have been forgotten, according to a local member of the Scottish parliament. Speaking in Holyrood during a debate on the regional economy, Colin Smyth, the Labour MSP for South Scotland, said the community were told no stone…

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Edinburgh Salmon Co to close at year end

THE Edinburgh Salmon Company (also known as ESCo) has announced that it is to close its production centre at Dingwall in the Highland, with the loss of more than 250 jobs. The site had been experiencing heavy losses and the owners, Européenne de la Mer, a subsidiary of the global seafood giant Thai Union, warned…

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Young's deal close – reports

THE private equity firm CapVest appears to be closing in on a deal which will reunite it with Grimsby-based Young’s Seafood, according to weekend financial reports. The Mail On Sunday said that talks were at an advanced stage and CapVest was prepared to pay up to £200 million for the UK’s largest seafood producer. The…

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Factory offers hope to Pinneys staff

CAVAGHAN and Gray, the seafood business owned by the 2 Sisters group, is creating at least 200 jobs at its Carlisle factory – with some of those vacancies likely to be offered to Pinneys workers in Annan. The £7 million investment follows an announcement that the company has won a major contract to produce a…

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Young's Q3 operating profit up 29 per cent

YOUNG’S Seafood has just announced a 29 per cent rise in operating profits for the third quarter of its financial year, in what it describes as a challenging market. The company reported a turnover of £135.3 million and an EBITDA (earnings before interest, tax, depreciation and amortisation) of £6.7 million, a near 30 per cent…

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Three-way bid for Young's Seafood

THREE businesses are bidding to buy Young’s Seafood, including one of its former owners, weekend reports have suggested. The Sunday Telegraph said yesterday that the £200 million sale of Britain’s largest frozen and chilled seafood company was nearing completion. The current private equity owners, led by Lion Capital, announced in April that they were putting…

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