2004 - UK food manufacturer Northern Foods has announced that it has agreed to sell its Cavaghan & Gray Seafood (C&GS) chilled and frozen fish business to IFP Holdings, a subsidiary of the Icelandic Group, for a cash consideration of £12.6m (US$23.3m).
C&GS makes value-added fish products, particularly coated white fish and Scottish salmon, which are sold principally under the Marks & Spencer and Waitrose retail brands. It also processes fish for other food manufacturers, including Northern.
The net assets to be disposed of are £13m plus £2m of goodwill. Northern said the proceeds will be used to reduce group debt. C&GS has two factories, one at Grimsby that employs around 240 people and the other at Aberdeen employing 150 people.