Malcolm Walker, the Welsh founder of the Iceland frozen food empire who resigned as its chairman in January amid a share scandal, has hit the headlines again this week, but describes his controversial comeback to the food sector as a "flea on an elephant's bum."

Nevertheless, Iceland is sufficiently concerned about the prospect of a single frozen food shop in Wrexham to be considering legal action.

A probe by the Department of Trade & Industry is currently investigating whether Walker is guilty of insider trading after selling the bulk of his Iceland shares for £13.5m just weeks before the company announced a profit warning in January.

After his ensuing resignation, Walker had joked that he would open a new chain under the banner "Frozen Out," a reference to the way that Iceland boardroom members turned their backs on him. Instead he is starting again in Wrexham with the brand name Cool Trader.

Iceland executives are meanwhile scrutinising his contract, claiming that Walker, who remains Iceland's largest private shareholder, had signed a clause that involved a two-year non compete agreement.

Walker is also setting up a supermarket chain dedicated to organics, called As Nature Intended. The second store has just opened.