Reykjavik, Iceland-headquartered Iceland Seafood International has called off negotiations with an unnamed buyer for its U.K. assets.
On 5 December, ISI said it had signed a letter of intent to sell its loss-making U.K. business to an unnamed buyer, but in a follow-up announcement made via the Nasdaq Iceland exchange, where ISI’s stock is listed, it said it has canceled those negotiations.
“Negotiations that were based on the LOI were not successful and have been canceled. Iceland Seafood will now be in communication with other interested parties and will provide information as appropriate if any of these communications will develop to a formal discussion,” the company said.
ISI announced its plan to exit the United Kingdom market from a value-added perspective in November. It had hoped to complete the binding agreement with the buyer before the end of 2022. It has hired MAR Advisors to support its departure from the U.K. value-added sector.
ISI’s operates a processing facility in Grimsby, U.K. after merging its operations from Bradford in 2020.
Its stock price was down nearly 3 percent in trading on Monday, 12 December, falling to ISK 6.55 (USD 0.05, EUR 0.05). The company's stock is down from a high of ISK 16.40 (USD 0.11, EUR 0.11) year-to-date, which it reached in February.
Photo courtesy of ISI
