Frozen food retailer Iceland has announced that its founder and executive chairman Sir Malcolm Walker and chief executive officer Tarsem Dhaliwal have taken full ownership after buying out the entire shareholding of the company’s sole external investor Brait.
Walker and Dhaliwal have bought Brait’s shareholding in Iceland Topco, representing 63.1% of the issued share capital, through a newly established company which they wholly own.
Iceland Foods is now 100% owned by Walker, Dhaliwal and their related parties.
Walker said: “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.”
Dhaliwal added: “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.”
The news comes as the boss of Iceland has hit back at HMRC for “harassing” the business in regards to a previous minimum wage tax dispute amid the ongoing coronavirus pandemic.
According to the Times, Sir Malcom Walker, who founded the businesses over 50 years ago, said in a letter that HMRC should be “ashamed” by the fact it is dedicating so much time on trying to gather information from his business instead of helping businesses access furlough payments.