The managing director of Young's Seafood, the UK's largest branded seafood group, has announced his retirement.

Jim Cane, who joined Young's in early 2000, will retire early next year after around 35 years in the UK grocery industry.

Cane played a "leading role" in the development of Young's and the establishment of Foodvest, Young's parent company.

Foodvest chief executive Per Harkjaer Foodvest, said: "[Jim] has made a major contribution to the business. I have been aware for some time of his wish to step down when the time is right and I fully understand his decision. The search is currently underway for Jim's successor."

Cane added: "I made the decision some time ago to retire when the opportunity arose and the recent acquisition of the business by Lion Capital has provided a natural window for me to hand over the reins."

Lion Capital, the UK-based private equity group, agreed a deal to buy Foodvest, which also owns the continental operations of frozen food group Findus, in July.