United Biscuits is to sell its stake in Young's Bluecrest, the frozen fish business, to the venture capital division of Legal & General (LGV), the insurance group, the Financial Times reports. The deal to sell UB's 44 per cent shareholding in Young's is expected to be announced on Monday and will raise Legal & General Ventures' stake to 79 per cent. Management and other finance providers will hold the balance. Wynne Griffiths, chief executive of Young's said UB, which makes McVities biscuits and KP snacks, had wanted to exit frozen and chilled foods to focus on its core biscuits and savoury snacks. Young's Bluecrest was formed in 1999 by the merger of Young's, then owned by United Biscuits, with Bluecrest Seafood, an existing LGV investment.
