UK Grocery chain founder in buyout of shops

Australian Herald Sunday 11th March, 2012

The head of the Iceland food chain in the UK, Malcolm Walker, has successfully launched a management buyout of the firm.

Costing him 1.55 billion, CEO Walker and his management team, along with three other major investors, have bought the frozen foods firm.

Mr Walker, who started the firm in 1970, said he bought it in order to secure an independent future for the company.

His shops, which are dotted around the UK, employ 23,000 people.

Malcolm Walker started Iceland in the 1970's to take advantage of the rise in purchases of frozen food.

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