Founding family and CEO takes full control of UK’s Iceland Foods

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Founding family and CEO takes full control of UK’s Iceland Foods

The founding family of the British supermarket chain Iceland Foods Ltd., specialized in frozen foods including prepared meals and vegetables, and headquartered in Wales, alongside the hypermarket chain’s Chief Executive Officer, Tarsem Singh Dhaliwal, 56, had taken the full ownership of the British hypermarket chain operator, which has been experiencing a nearly two-decade high market amid the pandemic-led economic slump.

In point of fact, Iceland Stores was founded by a Malcolm Walker in the 1970s in a tiny shop in Leg Street, Oswestry with his business partner Peter Hinchcliffe. Together the pair had invested £60 for one month’s rent of the store.

However, after seven long years of struggles in the Leg Street, Malcolm had managed to save enough to open a new store in Manchester selling his own-labelled food and a year later, the Iceland Foods had 28 stores across the United Kingdom.

Brait sells off 63.1% stakes of Iceland Foods to founder, CEO

More interestingly, according to the recent deal that had proffered the Walker family the full-ownership of the Iceland Foods, the former controlling stakeholder of Iceland Foods, a S.

African investment fund, Brait had sold off its 63.1 per cent stakes in the company to founder Malcolm Walker alongside the Chief Executive Tarsem Singh Dhaliwal, for a sum of £115 million ($146 million), eventually leading to a 100 per cent ownership of the company by the Walker, Dhaliwal and their related family members.

In tandem, latest Walker family move to purchase the controlling stake of Iceland foods came against the backdrop of a press agency report which had revealed back in March this year that the Walkers might seek to regain their outright ownership.

Meanwhile, expressing a notion of fulfilment that came along with the regaining of 100 per cent ownership of his family business, Walker said after the deal, “It is particularly satisfying to turn this new page in Iceland’s history just before the 50th anniversary of the opening of our first shop on 18 November 1970.