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Bhagat Holdings Limited is a company created in May 2018 and has not yet submitted its first accounts.
Indian entrepreneur acquires Pinneys' processing plant
UNITED KINGDOM
Monday, March 18, 2019, 22:00 (GMT + 9)
An Indian entrepreneur living in Russia has acquired former Pinneys of Annan fish processing factory and pledges to invest GBP 9 million in the site.
Rural Economy Secretary Fergus Ewing is to join representatives from Dumfries and Galloway Council, Scottish Enterprise, to welcome Bhagat Holdings as the new owner, Daily Business reported.
Source/fuente: Google maps
Bhagat Holdings Limited is a firm created on May 2, 2018 and has been headquartered in Guildford, Surrey. The company adds coatings and panko breadcrumbs to seafood and poultry for food supply companies such as Brakes. It also supplies “filet-O-fish” to McDonald’s in Eastern Europe.
The new owner of the Pinneys' plant, Indian entrepreneur Keshav Bhagat, plans to create an initial 120 jobs, with production due to begin in the autumn. It said there was the potential for more jobs to be created.
Source/fuente: Google maps
It will be seen as welcome news in the area, though it will employ just a fraction of the 450 employees who were laid off when the plant closed last year.
Pinneys’ parent company Young’s Seafood announced it was switching production to Grimsby, prompting a campaign led by the Scottish Government to save the Annan factory.
South of Scotland Labour MSP Colin Smyth reiterated his call for a GBP 10 million economic action plan for the town.
“I am pleased that a new owner has been found for the Pinneys factory and I hope they will be able to grow the workforce once more. However, the numbers of posts being created initially is a fraction of the jobs lost at Pinneys,” he said.
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“There is still an urgent need for the Scottish Government to invest in the local economy and that’s why I have renewed my call for a proper economic action plan for Annan. The tragedy of the closure of Pinneys was the fact there simply weren’t enough job vacancies in the area to provide alternative employment when the economic tsunami of its closure hit the Annan area. That meant people moving away or having to travel a distance for work. More needs to be done to grow existing businesses and attract new ones to the area,” the parliamentarian highlighted.
"I'm delighted that an international company like Bhagat Holdings has chosen to invest in Scotland, with the immediate creation of a significant number of jobs, which will make a real difference to local people and the local economy," Ewing stated.
Dumfries and Galloway Council leader Councillor Elaine Murray said she hoped the announcement would signal an upturn in the region's economy.
Related article:
- Scottish Government urged to take over Pinneys factory
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