Seafood group sold off for £1bn

The 200-year-old company employs 2,500 people at the site

The North Lincolnshire-based seafood firm Young's has been bought out by a private equity company for £1bn, it has been announced.

Young's Seafood, which is Grimsby's largest private employer with 2,500 staff at its Wickham Road site, was taken over by Lion Capital on Tuesday.

The private equity firm said it had taken control of the Foodvest Group, which owns Young's.

But unions are worried the buyout could be detrimental to the workforce.

John Wilson from the GMB Union said: "We are disappointed that the trade unions and employees are the last to know.

It's genuine fear from the trade unions at the moment John Wilson, GMB Union

"We are apprehensive about the deal itself based on experience of private equity and how they approach these acquisitions.

Mr Wilson said union representatives, including himself, were trying to secure meetings with Lion Capital to discuss the site's employees.

Foodvest is one of Europe's largest frozen food manufacturers which, as well as Young's, owns Findus and has an annual turnover of £1 billion.

Per Harkjaer, chief executive of Foodvest, described selling the business as the "next logical step in our development".

The Young's brand celebrated its 200-year anniversary in 2005.

Mr Wilson added: "We would like to work with the new owners to secure long-term employment at Grimsby.

"It's genuine fear from the trade unions at the moment."