Talks over ISI’s factory sale collapse again
An attempt by Iceland Seafood International (ISI) to sell its Grimsby production site has collapsed for the second time in just over a month.
The company said in a statement at the weekend that it had failed to reach a deal with a potential unnamed buyer.
ISI had hoped to reach an agreement by the middle of February.
The news will come as a bitter blow for the 150 plus staff who work at the site and who were hoping that a successful deal could save their jobs.
A first bidder, also unnamed, pulled out of a possible deal in December suggesting there may be a sticking point over price.
The Iceland-based company, which has extensive smoked salmon interests in Ireland and Spain, is now weighing up what to do next about the Grimsby factory.
A brief statement from Iceland Seafood International said “Reference is made to the announcement from December 30th on signing of Letter of Intent (LOI) to sell Iceland Seafood UK Ltd.
“Negotiations that were based on the LOI were not successful and have come to an end. The board and management of Iceland Seafood will now evaluate their options and will communicate on next steps in the process when appropriate.”
It is now more than two months since ISI announced that it was ending production in the UK because the operation was eroding group profits, despite major efforts to pull it around, and considerable investment in modernising the facility.