Iceland CEO plots £1 billion takeover of the company
Malcolm Walker, the chief executive of frozen food firm Iceland, has confirmed that he has put in a £1 billion takeover bid for the company. However, it is also anticipated that Walker will face somewhat of a bidding war over the company he founded back in 1970.
After founding the company in Shropshire in 1970, Walker resigned from his post as CEO of Iceland in 2001, with fraud allegations rumoured to be the cause of his departure. He was reinstated in 2005, when retail group Baugur took the company private.
Walker, who owns a quarter of the business alongside other managers, is now reportedly planning a takeover of Iceland. However, he reportedly faces stiff competition from an unknown investment fund, who has trumped his £1 billion bid with its own £1.4 billion offer.
As well as representing a comeback for the Iceland founder, a takeover of the company would be lucrative for Walker. This is because the frozen food chain currently has an approximate 1.8 per cent share of the UK food market, has a total 776 stores (730 Iceland outlets and 46 Cooltrader stores) and thousands of employees in various food jobs.
This year was a particularly successful one for the company, as 74 stores were opened and 2,500 new food jobs created on the back of an 11 per cent rise in annual earnings.
After founding the company in Shropshire in 1970, Walker resigned from his post as CEO of Iceland in 2001, with fraud allegations rumoured to be the cause of his departure. He was reinstated in 2005, when retail group Baugur took the company private.
Walker, who owns a quarter of the business alongside other managers, is now reportedly planning a takeover of Iceland. However, he reportedly faces stiff competition from an unknown investment fund, who has trumped his £1 billion bid with its own £1.4 billion offer.
As well as representing a comeback for the Iceland founder, a takeover of the company would be lucrative for Walker. This is because the frozen food chain currently has an approximate 1.8 per cent share of the UK food market, has a total 776 stores (730 Iceland outlets and 46 Cooltrader stores) and thousands of employees in various food jobs.
This year was a particularly successful one for the company, as 74 stores were opened and 2,500 new food jobs created on the back of an 11 per cent rise in annual earnings.
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