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LION CAPITAL, private equity owners of the Findus group and Young’s Seafood, have bought Cumbrian Seafoods which officially went into administration earlier today.
Cumbrian has been hit by rising fish prices and the general economic recession which forced the company into formal administration this morning.
A statement this afternoon said the acquisition by Lion secures the immediate future of Cumbrian’s three sites in the North of England, including a large modern factory at Seaham in County Durham where it employs 378 people. The two remaining sites at Whitehaven in Cumbria (where it originally started) and Amble in Northumberland employ 117 and 79 people respectively.
Sean Hamilton, a director at PwC in Newcastle, said: “The sale means that it is business as usually for its customers and staff. I am delighted we have been able secure a sale of the business, enable the transfer of all employees and preserve continuity of supply to customers in the run up to Christmas."
Peter Vassallo, found and chief executive of Cumbrian Seafoods, said: “While I recognise that it is a difficult time for all concerned, this transaction is in the best interests of our employees and customers."
Cumbrian was listed by the Sunday Times in October as one of Britain’s top 250 privately-owned companies. In its last published figures it recorded an annual profit of £3.1-million.
A £200-million a year business, Cumbrian is the largest independent seafood supplier to major supermarket chains like Tesco and Morrisons. Seven out of ten of all prawn cocktails sold in UK supermarkets are packed by Cumbrian.
Leendert den Hollander, Chief Executive of Young’s Seafood Limited, said: “This is the beginning of a process and the teams involved will work hard to understand the business and consider in detail how best to take the customer contracts forward. Our focus is on customers - on fulfilling their contracts - and consulting with new employees on possible options for the future.”
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