British and French fishermen have failed to finalise a deal to end the “scallop wars” over fishing in the Channel, according to the French camp, despite reaching an agreement in principle earlier this week.

“The fact is that there is no agreement because British claims [for compensation] were disproportionate … We have a blockage, but the discussions have not broken down,” said Hubert Carre, the director of the French national fishing committee, adding that it would now be up to the “two ministers to call each other to arrange a possible future meeting”.

Tensions boiled over last week when five British vessels sparred with dozens of French boats in the sensitive Seine Bay. Video footage showed fishermen from both sides ramming each other. But a day of talks in London on Wednesday resulted in the two sides reaching agreement on the principles of a deal expected to bring the hostilities to an end.

The skirmishes, which occurred around 12 nautical miles from the Normandy coastline, were the most serious in years of wrangling over the area’s prized scallops. France placed its navy on standby, and the agriculture minister, Stéphane Travert, said on Tuesday that it was “ready to intervene in case of clashes”.

French fishermen had been incensed that British boats of less than 15 metres in length were accessing the highly productive waters, while their own government limited them to fishing there only between October and May to allow stocks to replenish.

Previous deals exempted the smaller British boats from the restrictions, a loophole French fishermen want to see closed and which led to deadlock in reaching an agreement earlier this year.

Any deal was to be “subject to a reasonable compensation package” for the smaller boats, who were likely to lose out, according to a joint statement issued on Wednesday. “In the meantime, there is a voluntary agreement for all UK vessels to respect the French closure period in the Baie de Seine.”