Icelandic bank Landsbanki, one of the major shareholders in Iceland Foods, has reiterated plans to sell its majority stake in the UK retailer but played down the prospect of a quick sale.

Landsbanki told just-food last month that it had started preparations for a sale of the frozen-food specialist. Reports in the UK this morning said the bank was set to appoint advisers to handle the sale of its 67% stake.

A spokesman for Landsbanki said the bank was still looking for advisers to lead the disposal and said no formal process had begun. He said it was “too early” to suggest when a formal auction of Landsbanki’s stake could begin.

The spokesman also played down the prospect that the process could be wrapped up quickly. “I wouldn’t be surprised if it was sold next year or even a year after,” he said.

Speculation around the future of Iceland Foods has grown since the autumn, when reports in the UK claimed that the retailer’s founder and current CEO Malcolm Walker, who owns 24% of the business, had tabled a GBP1bn (US$1.6bn) offer to buy out Landsbanki.

The spokesman for Landsbanki, as he did in December, insisted that the bank had yet to receive any offer for its stake, although he conceded that “some parties have shown interest”.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.