Landsbanki to sell Iceland

THE majority-owner of Iceland Foods yesterday confirmed that it is a step closer to selling its stake in the supermarket chain, thought to be worth around £1.5bn.

The Landsbanki Resolution Committee – the organisation in charge of offloading the toxic assets of bailed-out Icelandic bank Landsbanki – said in a statement yesterday that it “has initiated a process to evaluate its options with regards to its holding in Iceland Foods”.

The “process” is thought to be a beauty parade – or invitation to pitch – of investment banks to sell its 67 per cent stake.

“The management of Iceland Foods has been kept fully informed of developments,” the committee added. Malcolm Walker, chief executive of Iceland Foods, is likely to be a bidder.

The Landsbanki Resolution Committee also owns the majority of Hamleys, the toy shop.