Iceland Seafood International (ISI) said Monday it has signed to letter of intent to sell its United Kingdom operations, Iceland Seafood UK, with a "respected industry player".

The announcement follows the news last month that the seafood giant has decided to exit the UK value-added market, two years after investing in operating facilities in Grimsby and merging its operations in the region.

"The UK's performance has eroded the group profitability to the extent that the board no longer feels it’s justifiable to continue," the company said at the time.