The Grimsby-based company is growing at the staggering rate of just over 72 per cent a year. And its last published profit figure was £91-million on a annual turnover of £1.1-billion.

FoodVest is part of the CapVest private equity group and has recently undergone a strategic restructuring, leading to significant changes in the way Young's is run.

It was listed in a league table at the weekend as the buyout with the second fastest growing profits by Deloitte, the world leading accountancy and financial advisory group. It is also Europe's largest seafood business employing several thousand people in Grimsby, Scotland and northern Europe.

Private equity ownership of seafood businesses came under attack by politicians and trade unions last year when Permira bought Birds Eye Foods from Unilever and then shut the Hull seafood factory six months later, transferring production to Germany.

But the latest research survey, published by the Sunday Times, shows that they are among the most successful and most profitable businesses in the country and almost always show a remarkable turnaround in fortunes.

Birds Eye is already showing signs of renewal after a sluggish few years, with its 'Simply Fish' range of products. However, most private equity buyouts are usually sold off once they reach peak financial performance.

Young's was acquired by CapVest in 2002 which added the northern European and French Findus operation to its portfolio four years later. The business now comprises frozen and chilled seafood in Britain, frozen food in Sweden, Norway and Finland and seafood, vegetables and ready meals in France. Foodvest said its strategy was to continue to lead consolidation in the feed sector, while being at the forefront of seafood product development and responsible food policies.

Last month it announced the creation of a new unifying food structure known the FoodVest Group, which saw the Young's retail brand broken off into a distinct and separate business.

The own label business, most of which came from the old Bluecrest operation, was placed into a new grouping called The Seafood Company, which will focus on the development of chilled seafood for supermarkets.

FoodVest is now led by Danish born chief executive Per Harkjaer, who commented: "It is my ambition that FoodVest will become the most successful food company in Europe - as measured by growth, customer satisfaction and product quality.”

This weekend's Deloitte league table seems to reflect that ambition.

www.fishupdate.com is published by Special Publications. Special Publications also publish FISHupdate magazine, Fish Farmer, the Fish Industry Yearbook, the Scottish Seafood Processors Federation Diary, the Fish Farmer Handbook and a range of wallplanners.

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