Tuesday’s headlines were all about Young’s. The UK seafood firm was dealt a major blow when retail giant Sainsbury’s dropped a fresh and smoked salmon contract with the group, in favor of a sweeter deal from Marine Harvest.
The contract was reportedly worth around £100 million ((€139.1 million/$152.6 million) – a whopping 16 percent of Young’s total 2014 sales of £595.6 million (€834 million/$934 million).
Not only are job layoffs expected, suddenly the value of the company has taken a major dive, and puts Findus owner Lion Capital in a weak bargaining position.
