13.5-acre Grimsby site added to Young’s footprint
13th July 2018
YOUNG’S Seafood has completed the purchase of the former XPO Logistics site on Grimsby’s Ladysmith Road.
On the market for £1.5 million, the vacant 13.5 acre site neighbours the company’s Humberstone Road production facilities, and considerably expands the town’s largest employer’s footprint in North East Lincolnshire.
The deal came forward as plans were made to close salmon processing facilities in Annan, Scotland, a move confirmed late last month.
Young’s has historically had access issues for lorries at the Humberstone Road site, and a re-modelling of the land – which features six buildings, including an office block and cold store – could alleviate that. For years it was operated by Christian Salvesen, before being taken over by French-listed Norbert Dentressangle in 2007. That business was acquired for £2.3 billion in an international deal that completed in 2015, and it was used for cold storage and the repackaging and distribution of frozen food, particularly vegetables, before closing in May 2017, with the loss of 60 jobs.
Plans were lodged by the previous owner to demolish the site, but they will be scrapped after property firm PPH Commercial stepped in to ensure a successful sale, in what becomes the largest single freehold deal of the year so far.
Duncan Willey, pictured below, the chartered surveyor responsible for completing the deal, hopes it will herald the start of an exciting new era.
He said: “This is the biggest single freehold disposal in Lincolnshire this year, so the importance of this deal should not be underestimated.
“It’s not every day that you get the chance to acquire a premises right next door to your existing facility and it proved to be too good to turn down.
“I imagine the new owner will have a long-term plan to upgrade the facilities and bring new life to building, which could be a key part of their future plans.
“There’s been a lot of speculation about Young’s in recent months, but this deal seems to show the continued commitment to this area.
“Hopefully, they will be able to incorporate this sizeable acquisition into a successful long-term business plan to win new contracts and potentially create hundreds of new jobs.”
Young’s has announced plans to create 200 jobs with the transfer of the salmon contract and the winning of work with Marks and Spencer, however it was dealt a blow recently with the loss of a £30 million Asda contract, picked up in part by New England Seafood International-owned Albert Darnell, on Grimsby’s Europarc.
The Ross House team is currently working through what that means for the business, before revising recruitment requirements, with contracts not anticipated to switch until November.
News Courtesy: www.humberbusiness.com