Iceland boss takes another slice of IRC

RETAILER Malcolm Walker, the founder of the Iceland frozen food chain, has raised his stake in Individual Restaurant Company to more than 20%

Mr Walker, who is understood to be a long term support of the IRC management team, recently bought 500,000 more shares in the company, which operates the Piccolino and Restaurant Bar & Grill brands.

Mr Walker now owns 4.89% of the Manchester-based company’s stock in a personal capacity, also holds a further 15.41% through a Isle of Man-based concern called Blackstar (IOM) Ltd.

In total he now owns 20.29% of the AIM-listed business.

IRC, which was founded by entrepreneur Steven Walker – who is not related to Malcolm Walker – said earlier this month that it expects another challenging year after a tough 2009.

The company has cut costs, but protected margins by refusing to launch major promotions to drive footfall.