Last year Iceland Seafood International (ISI) was ready to leave the UK market and offload its UK business.
At the end of 2022, two potential buyers for Iceland Seafood UK’s business dropped out, and the group has announced that its board has 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,’ a company representative commented, stating that Iceland Seafood UK has made significant progress with its strategic partners recovering unprecedented inflationary cost and adding a significant new business.
‘Therefore, the company 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 stabilising, after the high volatility and constant upward cost pressure experienced throughout last year, which severely impacted the results of IS UK in 2022.’
‘Iceland Seafood UK will continue to cooperate closely with its loyal customers and suppliers,’ the company stated.
‘Iceland Seafood will review its strategy on an ongoing basis and remains interested to support further consolidation of the UK business at the right time and terms.’
