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Brait ups stake in Iceland Foods

South African investment firm Brait has agreed to acquire an additional 38% of Iceland Foods from Lord Kirkham and The Landmark Group to increase its total shareholding in the company to 57%.

GENERAL MERCHANDISE

Brait ups stake in Iceland Foods

There will be no change in the shareholdings of Iceland’s chairman and chief executive Malcolm Walker, chief financial officer Tarsem Dhaliwal and joint managing directors Nigel Broadhurst and Nick Canning, who together own the remaining 43% of the business and retain operational control.

Walker said: “Brait fully shares our belief in doing the right thing in the long term interests of our people and customers, and we look forward to working even more closely with them to build on our current strategy of innovation and improvement. 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.”

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