{"id":2061293,"date":"2020-06-10T07:25:34","date_gmt":"2020-06-10T06:25:34","guid":{"rendered":"https:\/\/www.thebusinessdesk.com\/northwest\/?p=2061293"},"modified":"2020-06-10T07:25:34","modified_gmt":"2020-06-10T06:25:34","slug":"iceland-back-in-family-ownership-after-115m-deal","status":"publish","type":"post","link":"https:\/\/www.thebusinessdesk.com\/northwest\/news\/2061293-iceland-back-in-family-ownership-after-115m-deal","title":{"rendered":"Iceland back in family ownership after \u00a3115m deal"},"content":{"rendered":"

Iceland, the supermarket chain that is famous for its family-focused tagline “that’s why mums go to Iceland”, is now back in family ownership.<\/p>\n

A \u00a3115m deal has been agreed to buy the 63% stake held by Brait, the South African company which was the frozen food retailer’s only external investor.<\/p>\n

The Deeside-headquartered was co-founded by executive chairman Sir Malcolm Walker in 1970 and now employs 25,000 across its 1,000 stores.<\/p>\n

The deal sees Walker and Iceland’s chief executive Tarsem Dhaliwal acquire all of Brait’s shares. They have paid \u00a360m immediately, with a further \u00a326.9m due in July 2021 and \u00a328.1m a year after that.
\n

\"\"

Sir Malcolm Walker<\/p><\/div>
\nWalker, whose son Richard is the managing director of Iceland, said: “Over the last half century we have had a series of external investors in our business but I have no hesitation in saying that Brait has been the best.<\/p>\n

“They have been consistently understanding and supportive, and were friends as well as business partners. I am sure that friendship will endure, and Tarsem and I wish them every success in the future.\u201d<\/p>\n

Brait has sold its majority shareholding because it needs to raise cash to repay a \u00a3350m bond. The investor also owns gym group Virgin Active and a large stake in retailer New Look.<\/p>\n","protected":false},"excerpt":{"rendered":"

Co-founder takes back ownership in company’s 50th year<\/p>\n","protected":false},"author":18,"featured_media":2053565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47995],"coauthors":[81],"class_list":["post-2061293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retail","tag-top-story"],"yoast_head":"\nIceland back in family ownership after \u00a3115m deal<\/title>\n<meta name=\"description\" content=\"Co-founder takes back ownership in company's 50th year\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thebusinessdesk.com\/northwest\/news\/2061293-iceland-back-in-family-ownership-after-115m-deal\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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