Iceland Seafood International has agreed to sell its UK business, having followed its recent decision to leave the loss-making operation.

In November, the company announced its decision to end the UK market from a value-added standpoint, and it hired MAR Advisors to help with the process.

Iceland Seafood has now signed a letter of intention (LOI) with an unnamed company, said to be a respected business player, to sell its subsidiary Iceland Seafood UK Ltd.

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The agreement is non-binding but will aid as key terms in the event of a potential transaction.

The parties have decided to conduct a quick due diligence process in order to reach a binding agreement by the end of December.

Iceland Seafood UK previously invested in Grimsby operations and merged operations from Bradford and Grimsby into a single location.

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The investment and merger decision was completed in March 2020, with Covid and later Brexit affecting the renovation as well as installation of the factory, as well as difficulties in overall functioning.

The UK operation is still losing money.

Source: Insider Media

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