Iceland founder Malcolm Walker has negotiated a reduction in the amount he is paying to return the grocer to full family ownership, with the former majority stakeholder agreeing a discount in exchange for early payment.
Walker agreed with Brait to return Iceland to full family control in June for £115m, paid in three instalments – the first £60m tranche being paid up front, with subsequent payments of £26.9m due on 30 July next year, and £28.1m 12 months later.
However, both Walker and Brait have since agreed to settle the remaining sum now, with the South African conglomerate agreeing to slash as much as £5m off the final price, according to Sky News.
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