Frozen-food retailer Iceland Foods has reportedly begun reorganising its corporate structure and reordering its balance sheet as the company prepares for a change in ownership.

According to a report in The Daily Telegraph, citing an unnamed source, Iceland has transferred a GBP286m (US$462.6m) merger reserve to an intermediate company and reordered three different holding companies.

A spokesperson for majority owner Landsbanki confirmed today (14 March) that the Icelandic bank is still intent on selling off its 67% stake in the UK retailer but declined to comment on the “ins-and-outs” of the process.

“We have indicated our intention to sell the shareholding but a formal process is yet to begin,” the spokesperson insisted.

The spokesperson also remained silent over speculation that Landsbanki hopes to complete the sale this year, insisting that it was still “too early” to predict when the sale would close.