Posts Tagged ‘Young’s Seafood’
Fish inflation hits Young\’s profits
THE rising cost of fish – both wild caught and farmed – appears to have hit the profits of Young’s, Britain’s largest seafood company. The Grimsby based business today reported second quarter (January 1 to March 30) turnover of £134.2 million, down by just over £2 million on the same period last year. The EBITDA…
Read MoreGrimsby pays tribute to ‘seafood giant’
FRANK Flear, one of the UK’s great seafood pioneers, has died at the age of 84. A larger than life figure, he created and built two major companies, Bluecrest, which later became an integral part of Young’s Seafood, and latterly Seachill, now one of the biggest salmon and white fish processors in the country, as…
Read MoreRussian 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…
Read MoreYoung'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)…
Read MoreYoung's to axe 50 jobs at Edinburgh site
YOUNG’S Seafood looks set to cut more jobs in Scotland. The company has confirmed that it is looking to reduce the number of staff at its Macrae plant at Livingston, near Edinburgh, by up to 50 people. The announcement comes less than a year after it controversially closed its Pinneys salmon site at Annan with…
Read MoreNorway stages summit as Brexit fears mount
BREXIT and its impact on the Norwegian seafood industry will be the focus of a major summit meeting in London today. As speculation mounts in the Oslo media that a no-deal scenario could almost bring exports to a halt in a worst case scenario, three senior Norwegian government ministers, fisheries minister Harald Tom Nesvik, the…
Read MorePinneys 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…
Read MoreFish Update Briefing, Friday, January 18
GRIMSBY HOSTS SEAFOOD CAREERS EVENT AN event which aims to give young people an insight into the diverse range of careers within the seafood and general food sector is taking place in Grimsby next month. Titled the Future of Food, it is organised and co-ordinated by the Grimsby Institute and Seafish. Some of the biggest…
Read MoreEdinburgh 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…
Read MoreYoung'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…
Read More