Lion Capital – owner of Young’s Seafood – is set to swallow up chilled fish supplier Cumbrian Seafoods after the company went into administration.

PwC confirmed in a statement this morning that it had been called in as administrator by Cumbrian and its sister company Border Laird.

The accountancy giant said an immediate sale had been arranged of the business, customer contracts and equipment of the two companies to “a wholly owned subsidiary of Lion Capital”.

Lion said it was considering future options for Cumbrian, including integration with and servicing customer contracts by Young’s.

The news follows weeks of speculation over Cumbrian’s future. In October the company announced that it had called in KPMG to “explore” options after a number of approaches had been made by parties interesting in investing in or buying the company.