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

The announcement follows the collapse of a previous deal earlier this month following the seafood giant's has decision 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.