Young's Seafood 'optimistic for the future' as assurances given over debt levels
PROUD BRAND: Young's Seafood.
By Grimsby Telegraph | Posted: 12 Apr 2017
GRIMSBY’S biggest private employer, Young’s Seafood, has moved to reassure stakeholders following speculation over its levels of debt.
A report in the industry press has claimed it was under acute financial pressure as it is squeezed by euro and US dollar exchange rates against the pound, while still seeking to plug the loss of revenues after losing huge Sainsbury’s contracts.
A spokesperson for Young’s Seafood Ltd said: “Young’s is performing solidly with EBITDA delivery in line with plan, in an extremely difficult trading environment. Our brand remains the clear number one in both chilled and frozen market products, across multiple channels and temperature formats.
“Young’s is cash generative, has no cash paydebt, has undrawn credit facilities and excellent liquidity, and we are optimistic for the future.”
The Ross House giant has undergone several financial restructures in recent years, selling off European divisions and consolidating a lot of the manufacturing in Grimsby, Parent company and operational company have been united, with Bill Showalter taking the combined chief executive role following Pete Ward's surprise departure last summer.
While losing a significant chunk of work with the UK's second largest supermarket was a bitter blow - understood to be worth £100 million - it has enjoyed positive branded growth. Strong management of "exceptional challenges" was flagged up in the last quarterly update, issued early last month, referring to Brexit-driven foreign exchange and raw material inflation.
Young's has since embarked on an international strategy, building on the British brand which proudly carries Grimsby's Dock Tower.
The ambitious 30-year transport vision for the north which could revolutionise links to Hull