No job cuts for Young's

Young's Seafood, Grimsby's largest private employer with 2,500 staff, was taken over by Lion Capital on Tuesday. A Young's spokesman told BBC News: "There are no job cuts planned as a result of this announcement, it is business as usual." Union representatives said they hoped the company would be true to their word, and are seeking a face-to-face meeting with Lion Capital bosses to discuss a business plan for the next five years, the news source reports. According to Young’s, the change of financial backer would not affect current plan. A spokesperson told BBC News that the management team and people should not be concerned “It is business as usual." Young's has been backed by private equity since 1999 and claims since then it has become one of Britain's fastest growing and most successful food businesses. The private equity firm said it had taken control of the Foodvest Group, which owns Young's. Foodvest is one of Europe's largest frozen food manufacturers which, as well as Young's, owns Findus and has an annual turnover of £1bn.