UK: Iceland to outline recovery strategy - opts for sale and leaseback
The Big Food Group - the beleaguered UK frozen food retailer formerly known as Iceland - is reported to have rejected the possibility of a rights issue in favour of sale-and-leaseback and debt restructuring to underpin its recovery strategy. According to weekend newspaper reports, chief executive Bill Grimsey and his management team will later this week unveil the small print of a survival masterplan aimed at rescuing the group, which saw vital Christmas sales decline 4.2% while rival retailers reported healthy consumer spending. The Big Food Group's share price, which hovered briefly around the 200p mark last summer, is now sluggish at 135p, and analysts and investors are hungry for some positive news.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- just-food 2017 Survey - your thoughts on growth
- 2017 - what will shape the UK food sector?
- Food market in 2017: need-to-know US trends
- Food market in 2017: big foodservice trends
- Could BRF's Turkey move pave way for OneFoods IPO?
- Ferrero insists Nutella not pulled from shelves
- Dairy giant Muller appoints new CFO, COO
- UK's Bakkavor plays down IPO "speculation"
- Kellogg announces new "nutritious" line-up
- PepsiCo launches Walkers Mediterranean in UK