Seagold nets huge turnover after acquisition of Collins Seafoods

The Hull-based fish company was established in 1996 as the 海角视频 marketing arm for Icelandic firm Samherji

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Phil WinterHull Live Business Editor

12:13, 12 SEP 2019

Seagold completed the purchase of Collins Seafoods in July last year (Image: PA)

The acquisition of a major 海角视频 seafood supplier helped Hull-based fish firm Seagold reel in increased turnover in 2018.

Seagold, which was established in 1996 as the 海角视频 marketing arm for Icelandic firm Samherji, completed the purchase of Collins Seafoods in July last year.

The acquisition, which hopes to help Seagold break into new markets across the 海角视频 and Ireland, helped the fish seller and processor hit turnover of 拢144.5m in 2018 鈥� up from 拢121.6m the previous year.

Gustaf Baldvinsson, managing director at Seagold, said: 鈥淪ales continue to grow in the 海角视频 with prices increasing during the year.

鈥淭he move to larger premises during 2017 has enabled subsidiary company Ice Fresh Seafood Ltd to increase turnover to 拢14.7m. The move has brought about increased product range, production efficiencies and subsequent cost savings鈥�

鈥淥n July 2, 2018, the group acquired Collins Seafood and its subsidiary companies. The acquisition is a strategic move into the wider seafood markets in the 海角视频 and Ireland.鈥�

Seagold was established in 1996 as the 海角视频 marketing arm for Icelandic firm Samherji (Image: Getty Images)

Seagold said since the acquisition of Collins Seafood, turnover had risen by over 拢30m, and profits after taxes were up 拢1m.

The business, headquartered in Hessle, was established in 1996聽as the 海角视频鈥檚 marketing arm for Samherji hf. selling frozen at sea fillets under the Ice Fresh brand.

As well as selling Samherji products, Seagold also sells from vessels operating out of Faroe Islands, England, Scotland, Poland and Germany.

鈥淭he operation in France through the Ice Fresh Seafood subsidiary continues to establish itself in the marketplace,鈥� Mr Baldvinsson said.

鈥淪ales have increased to 拢40.3m during the year, and the directors consider that these results will continue to improve over the coming year.鈥�

Profits before tax at Seagold rose from 拢1.1m in 2017 to 拢1.7m, with operating profits also passing the 拢1m mark.

Looking ahead, directors at Seagold said while Brexit uncertainty posed a challenge, the business was 鈥渨ell-placed to respond.鈥�

They said: 鈥淭he key business risks affecting the group are considered to relate to competitive pressures on sourcing products and market risks in the group鈥檚 areas of operation.

鈥淭he wider group has diversified its supply chain so as to ensure a constant supply of fish into Seagold for distribution.鈥�

Seagold started聽selling frozen at sea fillets within the 海角视频 but with聽rapid growth, operations have diversified.

Now the sales also聽include frozen and fresh products聽in 海角视频, France, Belgium, Germany, USA, Poland and Greece with customers covering聽wholesale, retail and processing sectors.

Much of the wholesale聽side of the business supports the country鈥檚 fish and chip trade.