One of Denmark’s leading seafood exporters will soon cease operations after 61 years in business, citing COVID and Russia's invasion of Ukraine as reasons behind the decision.

Hesselholt Fisk Eksport, which processes and trades a range of seafood, including whitefish, salmon and North Atlantic species, said COVID lockdowns across the European foodservice sector took a significant toll, and the company has yet to recover lost market share as a result of the pandemic.

The company added that inflation of between 100-400 percent on some input costs, including energy use, made operations even more challenging.