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  1. ITV Report

Owner of Pinneys factory put up for sale

The Pinneys factory in Annan. Photo: ITV Border

The owner of a closure-threatened fish processing factory in Annan has been put up for sale.

Two weeks ago, Young's Seafood announced plans to close its Pinneys factory in the town, which would result in the loss of at least 450 jobs.

Now, the owners of the Grimsby-based company have put the firm itself on the market.

Current owners Lion Capital, Bain Capital and HPS Investment Partners have been involved in Young's Seafood for a decade, having bought it from Bidvest in 2008 for £1.1m.

The company's plans to make major operational changes - closing the Pinneys factory in Annan and adding new jobs in Grimsby - are understood not to be affected by the latest developments.

In a statement to ITV Border, a spokesperson from the company said there would be a "structured and open bidding process".

We have sent out notification that we intend to start a structured and open bidding process with all interested parties for the sale of the Young’s Seafood group. Young’s Seafood is the UK’s leading seafood supplier, with a 200 year heritage and a Turnover of over £500m. We aim to inspire people to love fish now and for generations to come.

– Young's Seafood spokesperson