Iceland Seafood Expands in the UK
Iceland Seafood International is adding significant processing and coldstore capacity in the UK and also plans to merge its operations there – Iceland Seafood Barraclough and Havelok – into one legal entity – Iceland Seafood UK – under one leadership team on a single manufacturing site. To own 100% of Iceland Seafood UK, Iceland Seafood has acquired a 33% minority share in Havelok. Total investment in property and the purchase of shares is between £8 million and £9 million.
Iceland Seafood has purchased the previous 5 Star Fish Site at Great Grimsby Business Park. Following a period of refurbishment, Iceland Seafood plans to transfer both the existing Havelok and Iceland Seafood Barraclough operations to the site. This process will be complete by early 2021. The total investment for the site, refurbishments and machinery to fully utilize its potential is between £5 million and £6 million.
The site includes a cold store capacity of about 2,000 metric tons of products and three processing areas of about 10,000 sq m in total. The product range will reflect the current offering but on a larger scale. This will include coated products, both chilled and frozen, natural products, both chilled and frozen, and various shellfish productions for the UK retail and foodservice market.
Iceland Seafood International is listed on the NASDAQ stock exchange in Iceland and has a market capitalization of €166 million. The group generates annual revenue of €450 million and operates seven value added factories and has 12 businesses across eight countries.
