The Seafood Company, a UK chilled fish business, has agreed to acquire rival Pinneys of Scotland from European convenience foods group Uniq for £1 million in cash.
The Seafood Company, a UK chilled fish business, has agreed to acquire rival Pinneys of Scotland from European convenience foods group Uniq for £1 million in cash.
The completion of the deal is conditional upon Uniq concluding a staff consultation, which is anticipated to end later this month.
The Seafood Company is part of the Foodvest food Group, has a turnover of some £300 million and is based in Grimsby, where it employs over 2,500 people. Pinneys has been loss making for the past four years and the sale comes after Uniq reported further losses in the last quarter of 2008, with overall UK sales down by 9.6 per cent. Uniq chief executive Geoff Eaton said: “We have been working hard over recent years to turn this business around, but have been severely hampered by the significant deterioration in the market.”
The net proceeds from the sale will be used to reduce Uniq’s bank borrowings. “Given the other priorities within Uniq for investment, the board has concluded that Pinneys of Scotland can no longer be viewed as part of the long-term strategic direction of the Group,” Eaton added.
