The Boparan Group, the UK meat giant, has acquired Five Star Fish, which entered administration last month due to concerns over the financial position of its parent company.
Boparan said today (6 April) that the deal will secure jobs, protect the firm’s future and provide a “stable backdrop for continued growth”.
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Last month, Five Star Fish, a subsidiary of British Seafood Group, was found to have a GBP150m (US$225.6m) hole in its finances.
The purchase follows Boparan’s recent acquisition of fish and chip shop chain Harry Ramsden’s and the acquisition of the Fishworks restaurant chain.
Despite operating profitably, Boparan said the deal marks an end to any uncertainty surrounding the firm, with an assurance that the new owner plans to build on its “market-leading success”.
“We’re absolutely delighted to have bought this fantastic business”, said Ranjit Boparan, owner of Boparan Group. “It’s a brilliant, innovative company with a terrific team of people who’ve skilfully guided the business to its present heights and we’re going to do everything we can to help them continue to build and expand upon that success”.
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By GlobalDataBefore the buy, Five Star, which supplies foodservice and retail customers, operated as a stand alone venture with an independent management team.
British Seafood acquired Five Star for GBP35m in 2007. The company employs 332 people at its processing facility in Grimsby, which last year unveiled a GBP7m expansion project, which included a new, state-of-the-art factory.
