Tue, 26 Apr 2011 | BUSINESS SALE
The sale of a majority stake in frozen food retailer Iceland could spark an auction for the whole chain.
The Resolution Committee of failed Icelandic bank Landsbanki is appointing investment banking advisers to sell its majority 67 per cent holding in the supermarket.
The 750-store portfolio, worth between £1.7 billion and £2 billion, is expected to attract plenty of interest from rival supermarket chains and private equity outfits alike. If the auction of Iceland Foods goes ahead, Wm Morrison - the UK’s fourth biggest food retailer and currently building a chain of convenience stores - is expected to examine the properties as a potential acquisition.
Sainsbury’s commented last week that it would examine Iceland Foods if it comes onto the market. An unnamed senior retailer said: “Everyone will have a look at Iceland.”
Malcolm Walker and the management at Iceland Foods own 26 per cent of the business, while the remaining seven per cent is held by another failed Icelandic bank, Glitnir. Last year Mr Walker, who founded Iceland Foods in 1970, placed a £1 billion offer for the rest of the shares in the retailer.
In 2010, Iceland had increased its number of stores to 776, a 70-store increase from 2007, and has 21,464 employees to operate the business. Sales have seen a steady increase from £1.6 billion in 2007 to £2.3 billion in 2010.
Premier provider of carpentry and joinery in London and counties, catering to a diverse clientele encompassing luxury and mid-range property developers, main contractors, and discerning private clients.
A concept which led to revolutionizing the restaurant industry, offering an efficient and profitable approach to food production and targeted marketing.
As a specialist in Italian Motorcycle Parts and Accessories supplies, the business has developed expertise in sourcing and offering a comprehensive range of high quality products.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.