British chilled fish supplier Cumbrian Seafoods went into administration today and has been acquired by Lion Capital – owners of Young’s Seafood Ltd.
It would appear that Cumbrian was forced into administration by rising fish prices and the global recession – although its last set of figures recorded an annual profit of £3.1 million.
There has been previous speculation about the company being sold so the news today won't come as a surprise to some.
A statement sent to World Fishing today from Young’s Seafood Ltd read: “Lion Capital has acquired the customer contracts and equipment from the administrators of Cumbrian Seafoods. Future options, which could involve integration and servicing of customer contracts by Young's Seafood Limited, Lion Capital's existing UK fish and seafood business, will be explored over the coming weeks.”
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.”
