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November 25, 2021

UK’s Sykes Seafood acquires local peer Ruskim

The combined businesses will operate from five manufacturing sites and ten distribution centres.

UK-based Sykes Seafood has bought local peer Ruskim Seafoods for an undisclosed sum.

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The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
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Sykes, based in Cheshire in north-west England, is a supplier of prawns to retail and foodservice customers. It can date its origins back to 1892.

Ruskim, based in Telford, in the English Midlands, is a food importer and distributor founded in 1982. It serves the UK and Ireland, specialising in supplying Asian foodservice customers. It has seven depots across the UK and Ireland.

The deal was confirmed by London-based advisory firm Oghma Partners, which advised Sykes Seafood on the acquisition.

In a statement, Oghma Partners said: “The combination of Ruskim together with Sykes Seafood and Klaas Puul [the Dutch seafood company Sykes bought in March 2020] creates a US$500m, pan-European, shrimp-focused seafood business that will offer a market-leading range of products across the retail, wholesale, industry and foodservice sectors.”

The combined businesses will operate from five manufacturing sites and ten distribution centres in the UK, Europe and North Africa and employ more than 3,900 people.

Oghma added: “The three businesses already share many synergies and similarities – the combination will provide a solid backdrop for future growth, allow greater efficiencies in sourcing and enable an enhanced delivery platform to customers old and new.

“Ruskim will have access to Sykes and Klaas Puul’s highly automated production facilities and both Sykes and Klaas Puul will benefit from access to the extensive depot and transport network at Ruskim.”

Just Food has approached both Sykes and Ruskim seeking further comment on the deal.

In June this year, Sykes announced it was investing EUR40m ($47.5m at the prevailing exchange rate) over the next two years to establish a pair of new processing plants in Morocco.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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