Princes has reached a mutual agreement with GMB Union for a 3% pay increase for members across a number of UK sites following a long-running pay dispute.

The agreement follows several months of negotiations, with GMB members at the tuna giant’s Erith and Belvedere sites to receive the pay award backdated to April 2024.

Princes chairman Angelo Mastrolia said: “We see this agreement as a positive step towards maintaining the long-term stability of the business while continuing to support our employees.

“I am grateful to the GMB Union for their constructive approach to the negotiations and their understanding of the wider economic challenges faced by the business. We remain committed to resolving the remaining disputes at other locations as soon as possible.”

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Princes has also been engaged in pay negotiations with Unite Union for several months, offering an above-inflation 3% pay increase.

This follows pay increases over the past five years, including an 8% rise in 2023, 7% in 2022 alongside a one-off cost of living payment of 4.1%, and 2.5% in 2021, all of which were above inflation.

Princes has offered to back pay the 3% pay rise for 2024 to its employees whilst the dispute continues, which Unite has refused. As a result, both parties have registered a failure to agree and therefore talks have ceased.

Princes said that while ongoing Unite action is disruptive to sites, it has reassured customers that there is no risk to shortages of its products and that all affected sites have contingency plans in place.

Mastrolia added: “We operate in a highly competitive market. In addition to a highly demanding customer base, we increasingly have overseas competitors seeking to take business outside of the UK food and drink manufacturing sector.

“The Princes board have to constantly balance operational costs – including wages – while staying competitive and being able to offer favourable conditions for colleagues evidenced by the agreement with GMB. Industrial action as we are currently experiencing with Unite does nothing but put our sites and jobs at risk.”