Bhagat Holdings has received GBP 1.7 million from Scottish Government to buy factory.
The BBC reports reports that the Scottish food processing plant Pinneys of Scotland plant in Annan is set to reopen creating 120 jobs – a quarter of what Youngs employed.
Young’s Seafood announced the closure of the Pinneys of Scotland plant in Annan in April 2018 with the loss of 450 jobs. Young’s switched its salmon production to Grimsby.
Bhagat Holdings has received GBP 1.7 million from taxpayers and is investing GBP 9m of capital funding at the site.
Indian born businessman, Mr Keshav Bhagat (66) resides in Kaliningrad, Russia. According to companies house, he also is the head of seafood supplier Atlantis, which is also based in Kaliningrad.
The Scotsman reports that the Surrey-based firm adds coatings and panko breadcrumbs to seafood and poultry for food supply companies such as Brakes. It also supplies “filet-O-fish” to McDonald’s in Eastern Europe.
Bhagat Holdings said there was the potential to add further jobs at the Annan site, although the initial total is only a quarter of the 450 employed by Young’s Seafood before it pulled out in September.
Rural Economy Secretary Fergus Ewing said: “This is great news for the people of Annan, and for the south of Scotland more generally.
“I’m delighted that an international company like Bhagat Holdings has chosen to invest in Scotland, with the immediate creation of a significant number of jobs, which will make a real difference to local people and the local economy.”
“When Young’s closed last summer, I said we would leave no stone unturned and we would keep working to find a solution and an alternative use for this site.
“That hard work has now paid off and it is Annan and the local community and families who will benefit.”
Scottish Secretary David Mundell said: “It will be a real lift for the local economy after a very difficult year and I’m sure one of the attractions to the buyer was the excellent skills base, flexibility and dedication shown over many years of the local workforce.”
“Some employees may return to the site, but this could also mean new jobs for the area.”