Iceland founder starts new business
27 June 2001
Iceland founder starts new business
By FWi staff
ICELAND founder Malcolm Walker, who quit as chairman following a share-selling controversy, is setting up a rival business, reports the Financial Times.
But it says that Mr Walker may face legal action from Iceland which says he signed a legal agreement not to compete with them.
The new business, called Frozen Out, will open its first branch in Wrexham.
A high-profile champion of organic produce, Mr Walker committed Iceland to many organic lines, but customer demand failed to meet expectations.
He enraged investors by selling 13.6m of Iceland shares late last year, five weeks ahead of a profit warning.
- Iceland boss may face share inquiry, FWi, 23 January, 2001
- Tesco reports festive organic boom, FWi, 29 January, 2001
- Iceland founder sells 14m shares, FWi, 21 December, 2000
- Financial Times, 27 June, 2001, page 1
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