Iceland Foods is poised to acquire a handful of former Blockbuster stores from administrator Deloitte after the DVD rental business fell into administration in January.  

The frozen food retailer is set to acquire between five and seven stores to build on its 786 store estate, it is understood.

Iceland founder Malcolm Walker stated his ambition to open 15-20 stores a year after buying back the business he founded in 1970 for £1.4bn last year.

The retailer is looking to build on its UK store estate and explore international opportunities including in the Czech Republic where it opened its first trial store last year. Iceland appointed former Aldi director Paul Foley as its first international business director in September.

Deloitte has begun a process to shrink Blockbuster’s estate to a smaller core business and has already revealed intentions to close 293 stores. Grocer Morrisons acquired 49 former Blockbuster stores last month to aid its expansion in the convenience sector.

The major grocers are engaged in a property battle to grab smaller stores to aid expansion in the growing convenience sector.

Property firm Savills has been appointed by Deloitte to advise on the Blockbuster portfolio.

 

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