Iceland Seafood International (ISI) has cancelled negotiations with a potential buyer of its UK operations for the second time in two months, it announced Friday.

On Dec. 30, the company announced it had signed another letter of intent (LOI) to sell its United Kingdom operations, Iceland Seafood UK, to a "respected industry player", just weeks after the previous deal fell through.

"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," the company wrote in a stock exchange announcement issued on Friday.