The Landsbanki resolution committee has hired UBS, Bank of America and Merrill Lynch to advise on the possible sale of Iceland Foods.

In a statement, the committee said that the first task will be to assess the options with regards to the management’s stake in Iceland. It said this will include whether to push ahead with a sale at the present time.

In January, Retail Week revealed that the resolution committee was to start selling off the assets as part of Landsbanki’s winding up process.

It also has stakes in toy retailer Hamleys, jewellery chain Aurum – which is currently up for sale – and House of Fraser.

Iceland founder and chief executive Malcolm Walker tabled a £1bn bid last year to buy back Iceland but it was rejected at that time. He is currently on his way back from a charity expedition from Everest and is likely to be interested in taking back control again.