UK frozen-food retailer Iceland Foods has again found itself at the centre of takeover speculation with reports this weekend that investors from Bahrain are in talks to buy the business.

A consortium of investors headed by the Global Banking Corporation of Bahrain is in discussions with Landsbanki and Glitnir, the two Icelandic banks that own the bulk of Iceland, the Mail on Sunday reported yesterday (12 December).

The report said a Landsbanki official had confirmed that talks were being held but said the official had declined to comment further.

The claims come two months after it was reported that Iceland Foods founder and current CEO Malcolm Walker, who owns 24% of the retailer, had offered GBP1bn (US$1.57bn) to buy back the business. Reports claimed Walker's bid was rejected.