Following the recent sale of the Icelandic Asia business to Brim, The Iceland Enterprise Investment Fund is today announcing the beginning of a formal sales process relating to its Icelandic Iberica SA business held within Icelandic Group hf.

At this point, with a smaller and less complex business The Iceland Enterprise Investment Fund have decided that the remaining individual operations of Seachill (UK) Gadus (Benelux) and Nyfiskur (Iceland) will report directly to the owners, (Enterprise Investment Fund) and will be wholly managed by the current in-country teams.

Icelandic Group will be reorganised, retaining only vital services.

Having successfully completed the turnaround and reorganisation of the group since 2014, Árni Geir Palsson, Group CEO, and Jóhann Gunnar Jóhannsson Deputy CEO&CFO will take on new roles as consultants to the Board to advise and assist the transition.

Arni Geir Palsson said “Since I was appointed as CEO 18 months ago, I’ve been committed to ensure our turnaround and future success of the company and each business unit. I’m proud of the progress we’ve made to date that can largely be attributed to the great team I´ve had the pleasure working with”

Herdis Fjeldsted Chairman of Icelandic Group and Managing Director of Enterprise Investment Fund said “Icelandic Group has undergone major changes in recent years and we have made good progress in reorganizing the company. I would personally like to thank Árni Geir, Jóhann Gunnar, and the management team for their hard work, dedication and contribution to the successful transformation of our business. The sale of Icelandic Ibérica, as well as the restructuring of Icelandic Group, is is a logical extension of that work”