UK discount frozen food retailer Cooltrader has said it plans to expand its chain across the UK with 40 new stores over the next four years.

Cooltrader, whose management used to work for frozen food retailer Iceland, is backed by private equity firm Gresham and the Merseyside Special Investment Fund.

“We believe that we have identified an area of the market that is no longer being serviced adequately, and gives us great potential for growth,” chief executive Andy Pritchard was quoted by the Financial Times as saying. Pritchard used to be the finance director of Iceland.

Cooltrader has 11 stores, situated mainly in the northwest of England.