Fish and seafood processor Young’s has bought a new buying a 13.5-acre site in the northern town.
According to the Business Desk site Grimsby-based Young’s Seafood has bought the former home of XPO Logistics on Ladysmith Road. It’s likely that it could be to turned into a new production facility as the site used to provide cold storage for the repackaging and distribution of frozen food.
The purchase could create hundreds of new jobs in the area.
Duncan Willey, the Chartered Surveyor responsible for completing the deal said:
Willey said: “This is the biggest single freehold disposal in Lincolnshire this year so the importance of this deal should not be underestimated. It’s not every day that you get the chance to acquire a premises right next door to your existing facility and it proved to be too good to turn down.
“I imagine the new owner’s will have a long-term plan to upgrade the facilities and bring new life to building, which could be a key part of their future plans.
“There’s been a lot of speculation about Young’s in recent months, but this deal seems to show their continued commitment to this area.
“Hopefully, they will be able to incorporate this sizeable acquisition into a successful long-term business plan to win new contracts and potentially create hundreds of new jobs.”
Recently Young’s posted it’s financial results with turnover growing 5.4% to £523.3m in its latest set of accounts. This despite losing a £30m contract with the supermarket chain Asda in June.