FDBusiness.com

Following the sale of its brand rights and associated continental European businesses to Nomad Foods, Findus Group’s remaining large operating company, Young’s Seafood in the UK, will continue to be backed by its existing group of investors, including Highbridge Principal Strategies, Lion Capital and Sankaty Advisors, through the governance mechanism of a new holding company entitled Young’s Seafood International Holdings.

James Hill, chief executive of Young’s Seafood International Holdings (formerly Findus Group) says: “Young’s Seafood Limited is already the UK’s leading fish processor, with unparalleled expertise and track record in bringing great seafood to market, be that frozen or chilled, Young’s or retailer branded. With the Findus transaction now behind us, we shall redouble our drive for improvement in Young’s, focusing on our customers, our market share and our processing efficiency.”

Young’s Seafood is a multi-channel, multi-customer, multi-temperature and multi-category company, with a broad portfolio, offering branded and retailer branded fish as well as seafood in restaurants. The company’s total turnover for the year ending 30/09/14 was close to £600 million, of which approximately £250 million were Young’s brand sales across both chilled and frozen. Operating profit before exceptional operating costs and amortisation was about £25million and EBITDA about £36million. Young’s Gastro (a sub-brand) is now worth over £30million (Source: AC Nielsen MAT 15th August 2015), having grown by 60% in the last year, with 50% of sales being incremental to frozen fish.

Pete Ward, chief executive of Young’s Seafood, says: “Our mission is to inspire consumers to eat more seafood in their diet with our innovative range of high quality, good value, great tasting, responsibly-sourced products. We are embarking on a journey of Virtual Integration with our best suppliers, working as partners, driving improvements for mutual and sustainable benefits. We are focussed on building up our sales, driving down our costs, adapting to changes in the market and future-proofing Young’s Seafood Limited. We are optimistic for this new phase and, with the support of our investors, we will continue to deliver for our customers and our consumers.”