Malcolm Walker, the founder and current CEO of Iceland Foods, has met with US private-equity firm BLACKSTONE in his bid to buy the remaining shares in the UK food retailer.

The Daily Telegraph newspaper cited sources who said that Walker has also spoken to other private-equity firms about a potential bid.

Failed Icelandic banks Landsbanki and Glitnir have put their respective 67% and 10% stakes in the frozen food retailer up for auction. Walker has expressed his desire to buy the company on a number of occasions.

Neither Blackstone nor Iceland Foods were available for comment. Numerous financial media and analysts have reported that the banks handling the sale have valued the company at approximately GBP1.5bn (US$2.4bn).