Iceland Seafood to exit its UK operation
Iceland Seafood International is set to exit its loss-making UK operation, with the board saying it “no longer feels it’s justifiable to continue”.
Iceland Seafood UK previously invested in operating facilities in Grimsby and merged its operations from Bradford and Grimsby into the single location.
The investment and decision of the merger was completed in March 2020, with the renovation and installation of the factory affected by Covid and later Brexit, along with difficulties in overall operations.
Iceland Seafood has now decided to exit this market from a value-added perspective and has appointed MAR Advisors to support the process.
The company said: “The UK’s performance has eroded the group profitability to the extent that the board no longer feels it’s justifiable to continue. This has also meant that management resources have to a large degree, been devoted to this situation instead of capturing growth opportunities elsewhere.”
In its results for the nine months to the end of September 2022, Iceland Seafood reported sales of €362.8m, up 14 per cent from the same period of 2021.
Normalised profit before tax was €500,000, compared with €8.2m the year before.
by Stephen Farrell / Insider Media
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