Having previously announced its intention to exit the UK market from a value-added perspective Seafood International (ISI) is to review its UK strategy and plans to continue operations here.
In December 2022, two Letters of Intent (LOI) were signed with prospective buyers to sell the business, but neither negotiation turned out to be successful. After careful considerations the board of Iceland Seafood said it had decided to put the sale process on hold and continue to operate the UK subsidiary.
In an industry where consolidation is needed, Iceland Seafood made it public late last year it was interested in selling the UK business. It is however the conclusion of the board of directors that the proposals received didn’t reflect the value of the company, as external conditions for the industry have been challenging.
Recently, Iceland Seafood UK (IS UK) is reported to have made significant progress with its strategic partners recovering unprecedented inflationary cost and adding a significant new business. Therefore, the company said it foresees better results, driven by the above, in addition to returns on investments in equipment, that will increase its ability to grow and reduce unit costs. Markets are said to be stabilising, after the high volatility and constant upward cost pressure experienced throughout last year, which severely impacted the results of IS UK in 2022.
IS UK said it will continue to cooperate closely with its loyal customers and suppliers.
Iceland Seafood said it is to review its strategy on an ongoing basis and remains interested to support further consolidation of the UK business at the right time and terms.
