HARRY RAMSDEN’S BUYS FIVE STAR FISH COMPANY
The Boparan Group has today acquired one of the UK’s leading fish suppliers, Five Star Fish, in a deal that’s set to secure jobs, protect its future and provide a stable backdrop for continued growth.
The purchase comes hot on the heels of Boparan’s recent acquisition of iconic fish and chip brand, Harry Ramsden’s and, before that, the purchase and turnaround of the Fishworks restaurant chain.
With customers including Morrisons and Iceland as well as a number of leading pub and restaurant chains, Five Star Fish has doubled annual turnover to around GBP65 million in the past three years and employs 330 people at its Grimsby base.
Despite operating profitably, the company was recently placed into administration due to problems at its parent, British Seafood Group. This new deal marks an end to any uncertainty surrounding the firm, with an assurance that the new owner plans to build on its market-leading success.
“We’re absolutely delighted to have bought this fantastic business”, said new owner Ranjit Boparan. “It’s a brilliant, innovative company with a terrific team of people who’ve skilfully guided the business to its present heights and we’re going to do everything we can to help them continue to build and expand upon that success”.
Five Star Fish has recently undergone significant investment, with 2009 seeing the building of a new, state-of-the-art factory making it perfectly placed to capitalise on the growing seafood market.
At 43, Ranjit Boparan is one of the UK’s most successful self-made young entrepreneurs, owning a number of businesses in the food sector, responsible for over 6,000 employees worldwide and combined annual sales approaching GBP1 billion.
- As well as Fishworks (acquired in January 2009), Harry Ramsden’s (acquired in February 2010) and now Five Star Fish, Ranjit Boparan owns a number of successful businesses in the food sector including international poultry processor 2 Sisters Food Group
- With facilities in the UK, The Netherlands and the USA, 2 Sisters Food Group supplies most of the leading supermarkets. This new acquisition is seen as a strategic and complimentary move for Boparan into the fish supply market, after proven success in poultry processing
- The overall UK seafood market was worth GBP5.4bn in 2007 and is steadily growing. The retail share of this sector – mainly supermarkets – was worth GBP2.8bn in 2009, up 4% in each of the last two years. Health benefits as well as an increase in product quality and variety means that many industry commentators predict a continuation of this trend
- Five Star Fish Ltd. Is a market leader in supplying the food service sector – which includes pubs, restaurants and catering – and has a growing base of retail customers including leading supermarkets. No job losses are expected as a result of the purchase and the existing management team will remain with the business
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