Billionaire sitting pretty after selling £172m Iceland stake
LORD KIRKHAM, the billionaire founder of Doncaster furniture retailer DFS, has sold his stake in Iceland in a deal worth £172m.
Iceland, which was founded by Huddersfield businessman Malcolm Walker, has completed a deal with investment firm Brait to acquire an additional 38% of Iceland Foods from Lord Kirkham and his co-investors, Dubai-based firm The Landmark Group.
This increases Brait’s shareholding in the Deeside-based company to 57%.
Brait is a vehicle of Christo Weisse, the South African billionaire who backs Leeds-based Reward Capital.
He was also suggested as a potential buyer for Morrisons
Iceland executive directors, including chairman Mr Walker, CFO Tarsem Dhaliwal, and managing directors Nigel Broadhurst and Nick Canning will retain their 43% share of the equity and operational control.
Malcolm 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.”
