Deeside based Iceland returns to family ownership after South African investment firm sells 63% stake

Iceland founder Malcolm Walker and chief executive Tarsem Dhaliwal have taken full ownership of the Deeside based frozen food retailer after buying the remaining stake from investor Brait.

South African firm Brait owned 63 percent of Iceland which is has now sold for £115m.

The investor said the disposal is “in line with the new strategy announced to shareholders by the Brait Board on 27 November 2019.”

Iceland Foods is now 100% owned by Sir Malcolm Walker CBE, and Tarsem Dhaliwal.

Absolutely delighted that Iceland has now returned to full family ownership. And that The Times dug our this classic pic of Dad from the archives… pic.twitter.com/b1MKZhmtoA

— Richard Walker (@icelandrichard) June 9, 2020

Sir Malcolm Walker CBE said: “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.

Having started the business in partnership with a friend, I am delighted to have come full circle and own what are now more than 1,000 stores with another good friend in 2020.

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.

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.”

Tarsem Dhaliwal said: “We are grateful to Brait for giving us this opportunity to take full ownership of Iceland.

We have always been a genuine family business and it is not just Sir Malcolm and I but many of our colleagues who have children working for the company.

We are totally committed to running and growing this business for the long term benefit of all our stakeholders and their families.

Sir Malcolm and I will always have the wellbeing of our 25,000 Iceland colleagues and five million customers close to our hearts and we very much look forward to Doing It Right for another 50 years as we begin this next exciting chapter in the Iceland story.”