Danish seafood-processing firm Espersen is reevaluating its Grimsby, U.K.-based production setup after poor financial results in 2024.
The company acquired its Grimsby site in September 2023, purchasing the assets from Iceland Seafood International for just GBP 1,000 (USD 1,342, EUR 1,190) after the latter company said it suffered heavy losses and that stabilizing operations in the U.K. was taking longer and costing more than previously estimated. Local advocates in Grimsby were optimistic for the seafood sector in 2024 as investments came in, but 2024 ended up being a challenging year for some, including Espersen.
“For some time, Espersen has experienced a significant drop in production volume, largely due to lower demand caused by macroeconomic factors and rising prices on raw materials – particularly the price of Norwegian Atlantic cod, which has increased sharply both due to the sanctions on Russian raw materials, and in the last year, the reduced quotas in the Barents Sea," Espersen said. "This continued pressure on raw material pricing is now starting to be reflected in consumer prices and will further impact demand in the near term.”
Those factors, coupled with poor performance and operating losses from its Grimsby facility resulted in Espersen’s 2024 revenue dropping to ...
