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Gloucestershire Business News

Iceland founder gets a £50m bargain

The man who founded frozen food chain Iceland 50 years ago has bought the company back at a bargain price.

Malcolm Walker bought back a 63 per cent stake in the business, which has stores in Gloucester, Cheltenham and Stroud, at a discount price from Brait.

Walkeer paid an initial £60m for the company in June and was set to pay £26.9m due on 30 July next year, and £28.1m 12 months later. Instead, the two side agreed to settle the full sum now with a £50m one-off payment - saving around £5m on the original purchase price.

Iceland has nearly 1000 stores across the UK, including Food Warehouse stores. It is facing growing competition from discount supermarkets Aldi and Lidl, as well as the discount variety retailer B&M, which now sells cheap frozen food.

The £50m is a welcome boost to Brait, which also owns fashion chain, New Look.

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