YOUNG'S Seafood has re-assured its 4,000 strong workforce on the Humber and in Scotland that this week's £1.1-billion buyout will not affect jobs...

FISHupdate.com 25/07/0

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Foodvest, which owns Young's and Findus in France and Scandinavia, changed hands on Tuesday when the private equity company Capvest sold it to another private equity business, Lion Capital.

Trade unions immediately called for a meeting with the new owners about prospects for its 2,500 workers in Grimsby and 1,600 staff in Scotland.

But Young's said yesterday: : "There are no job cuts planned as a result of this announcement. It is business as unusual." Later a Young's director said later that the change should lead to further growth and more investment over the next few years.

Young's has invested heavily at its Grimsby sites and last year opened a new Waitrose dedicated factory near Edinburgh and has expanded its fish smoking operations in the north of Scotland.

Young's and Findus have a combined turnover of around £1-billion and the spokesperson said the sale was a sign of the firm's success. She added: "The change of financial backer does not affect our current plans or management team and people should not be concerned."

Per Harkjaer, chief executive of Foodvest, said the company's portfolio of great seafood products was one of the reasons which made it attractive to Lion Capital. The company a solid strategy with robust forward plans.

A spokesman for the GMB Union said he hoped that Young's would be true to its word.

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