The founder and chief executive of Iceland has taken full ownership of the retailer after buying out the remaining stake of external investor Brait.
Sir Malcolm Walker and chief executive Tarsem Dhaliwal have bought out South African conglomerate Brait SE’s 63% stake in the business for £115m to form a newly established company Iceland Foods.
The sale will be made in three tranches, with the first £60m being paid today to Brait and the remaining instalments of £26.9m and £28.1m to be paid in July 2021 and 2022 respectively.
Brait, the investment vehicle of billionaire Chritso Wiese, first undertook a management buyout of Iceland with the backing of Walker, Lord Kirkham and the Landmark Group in 2012.
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