UK: Walker says Iceland to refocus on frozen food
Malcolm Walker, who is to reappointed as boss of frozen food retailer Iceland following the takeover of Iceland's parent Big Food Group by Baugur, has said the company will return to a focus on frozen food.
Walker plans to sell his CoolTrader business to Baugur when he becomes chief executive of Iceland, which he founded in 1970, reported The Telegraph.
"It is a question of emphasis. Iceland's strength is in frozen food but it has been going down the convenience store route," Walker was quoted by the newspaper as saying.
Iceland began to branch out from its core frozen food retailing and sold fresh produce, bread and tobacco in a bid to boost sales and cash in on the convenience retail trend. But sales continued to struggle.
"I've been out of it now for four years but when Baugur contacted me it seemed a good idea to go back in," Walker added.
Big Food Group said late last week that it has agreed with Baugur on the terms of a recommended takeover offer by the Icelandic group, but said certain issues still have to be finalised before a formal offer can be made.
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