Iceland founder bids £1.55bn for the chain

Michael Crabtree/PA Archive

Malcolm Walker, Iceland's founder and chief executive, (pictured left) has made a £1.55bn bid for the frozen food retailer he started in 1970.

Mr Walker has surprised insiders by pre-empting rival bidders with his own offer and outmanoeuvring two private equity firms - Bain and BC Partners - who were vying to win the deal.