Frozen foods retailer Iceland Foods is back under family ownership, after founder Sir Malcolm Walker, alongside chief executive Tarsem Dhaliwal, bought out the shareholding of external investor Brait SE.
The retailer announced that Walker and Dhaliwal have purchased Brait's 63.1% share in Iceland Topco Limited, meaning the company is now 100% owned by the duo, along with related parties.
Commenting on the move, Walker said that it was "particularly satisfying" to regain full control of the business in advance of the retailer's 50th anniversary this November.
“Over the last half century we have had a series of external investors in our business but I have no hesitation in saying that Brait has been the best," he said.
"They have been consistently understanding and supportive, and were friends as well as business partners. I am sure that friendship will endure, and Tarsem and I wish them every success in the future.”
Dhaliwal echoed his sentiment, saying that he was "grateful" to Brait for enabling he and Walker to take full control of Iceland.
"We have always been a genuine family business and it is not just Sir Malcolm and I but many of our colleagues who have children working for the company. We are totally committed to running and growing this business for the long term benefit of all our stakeholders and their families."
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.