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Icelandic Group kicks off sales process for Seachill

The long awaited sales process has officially begun.

Icelandic Group has officially kick-started the sales process for its UK arm Icelandic Seachill, the company announced.

Grimsby-based Icelandic Seachill is the owner of The Saucy Fish Co. brand and a leading supplier of chilled fish to the UK retail market.

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Founded in 1998, the business has grown to be one of the largest chilled fish processors in the UK, with well-invested facilities and an established supply chain.

In 2017, The Saucy Fish Co. entered the frozen retail category and aims to modernize and bring relevance to consumers in the same way it has elsewhere.

Seachill´s revenues totaled £266.3 million (€318.1 million/$340.5 million) in 2016, with earnings before interest, taxes depreciation and amortization (EBITDA) of £10.4 million (€12.4 million/$13.3 million).

The company employs around 750 people.

Íslandsbanki and UK based Oghma Partners have been mandated to manage the sale of all shares in Seachill.

The sale of the UK arm is the last in a string of divestments for Icelandic Group.

Earlier this month, the group signed an agreement to sell its Belgian subsidiary Gadus to Iceland based company Steinasalir.

The Gadus sale followed the sale of Ny-Fiskur to Nesfiskur in December last year, and the sale of Icelandic Iberica to Solo Seafood in September.

The Iceland Enterprise Investment Fund (EIF) -- which was set up after the Icelandic financial crash to create a safe haven for Icelandic companies -- plans to divest all its businesses by 2019.

Over the last few years, the fund has already been slowly divesting -- it exited Icelandic’s Asian business at the end of 2015.

After the Gadus sale the only remaining part of Icelandic Group is the UK business Seachill.

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