The Icelandic owner of The Saucy Fish Co is launching an ambitious bid to overtake Young’s in the UK.

Currently, Young’s is the UK’s biggest seafood company, with a turnover of around £600m.

However, Icelandic Group is merging the management team of its three UK operations – Seachill (which created Saucy Fish), Coldwater Seafood and Icelandic UK – to create a combined business with a £300m turnover and a 20% market share in the UK.

Announcing the changes, the group outlined significant growth plans to take the number-one spot from Young’s. “The move creates the platform for the UK business to scale to an industry leadership position in three-five years’ time,” Icelandic Group said in a statement.

Creating the new group – known as IGUK – would enable the company to invest in the UK through increasing consumer understanding, R&D and factory efficiency, it added.

“We recognise the importance of the UK, not least because of its highly developed retail market and are keen to take an active part in our continued growth in this territory”

Magnus Bjarnason, Icelandic Group

The Icelandic restructure has led to a raft of senior management changes throughout the business.

Malcolm Eley – previously Seachill MD – has become CEO of the new group, and Anita Barker has left her role as Coldwater MD. Icelandic UK MD Magni Thor Geirsson has become procurement MD and deputy of the combined business.

Sarah Blake, former head of Coldwater’s M&S account (which comprises around 80% of Coldwater’s business) has become commercial director for M&S. Simon Smith’s previous role as sales and marketing director for Seachill has been extended to cover the newly combined business.

“We recognise the importance of the UK, not least because of its highly developed retail market and are keen to take an active part in our continued growth in this territory,” said Magnus Bjarnason, president and CEO of Icelandic Group.

The three companies’ manufacturing operations will continue as discreet business units. 

The combined business counts all of the major UK retailers as its customers. It supplies wet, coated, ready-to-cook, ready-to-eat, frozen fish and ready meals. 

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