The private equity giant Permira, owners of Iglo Birds Eye is reported to have approached sister private equity business CapVest which runs Findus in France, Sweden and Norway with a view to a possible bid. Findus has a turnover of around £500-million. CapVest also owns Grimsby based Young's Seafood which, along with Findus, is managed by the subsidiary Foodvest operation, but Young's is not thought to be involved.

The Sunday Telegraph said that CapVest was considering selling a minority stake in Foodvest, a proposal which could be attractive to Permira, as well as an outright sale of the company. Ironically, Foodvest was one of the bidders when Unilever put Birds Eye up for sale two years ago, arguing that such a seafood merger could dramatically reduce costs. There was major disappointment when it lost out to Permira.

Foodvest supplies fish and fish products to all of Britain's major supermarket chains. Young's in particular employs thousands of people in Scotland and on the Humber.

The frozen seafood market is enjoying a resurgence with both Birds Eye, Young's and Findus reporting growing sales as housewives turn to frozen as a means of reducing waste. Last week Birds Eye chief executive Martin Glenn hinted at further expansion. The report says talks are at a very early stage and may not come to anything and both private equity companies are refusing to comment on the report.

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