Malcolm Walker, founder of Iceland together with CEO Tarsem Dhaliwal have bought out the final stake in the Iceland business from South African conglomerate Brait SE. The transaction for a consideration of £115 million will be executed in three tranches, with the first payment of £60 million being paid today, 9th June. This will be followed by two instalments in July 2021 and July 2022.
Malcolm Walker commented: “Having started the business in partnership with a friend, I am delighted to have come full circle and own what are now more than 1000 stores with another good friend in 2020.”
The first store opened in November 1970.
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