Walker bullish as investor boosts Iceland stake

AN investment vehicle owned by South African billionaire Christo Weisse now owns 57% of Deeside-based supermarket retailer Iceland after it swooped for another big chunk of shares in the business.

Brait has snapped-up a 38% stake from Lord Kirkham the founder of furniture retailer DFS and his co-investors, the Dubai-based Landmark Group, for £172m.

Iceland executive directors, including chairman and founder Malcolm Walker, chief financial officer Tarsem Dhaliwal, and managing directors Nigel Broadhurst and Nick Canning will retain their 43% share of the equity and operational control.

Walker said: “We are absolutely delighted that Brait has underlined its confidence in the future of Iceland by increasing its commitment to our business.  This streamlining of our share register gives us a single, supportive external shareholder with a deep understanding of the challenges and opportunities in UK retailing.

“Iceland celebrates its 45th anniversary in 2015, and I have never been more excited about its long term prospects as we enter this new partnership with Brait.

“We are grateful to Lord Kirkham and The Landmark Group for their support in facilitating our management buyout in 2012, and over the past three years, and wish them well for the future.”