Iceland chief rules out PE

ICELAND founder Malcolm Walker has ruled out working with a private equity house on a bid for the supermarket.

Walker, the chief executive who with his management team has a 23 per cent stake, said he would “move on” if he could not buy the chain.

A spokesman said, however, he had no knowledge of a reported deal for £150m backing from Alberta Investment Management to support a Walker offer. The deadline for bids is tomorrow although Walker has six weeks to match any offer accepted by the resolution committee. BC Partners and Bain are likely to bid.