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Malcolm Walker: banks have already rejected offers management of Walker, saying they were not interested in selling ?1bn common management

The retail magnate and other frameworks have already around the private company, with the 76pc 24pc remains in the hands of Landsbanki and Glitnir, two Icelandic banks collapsed.

Banks have already rejected the offer management of Walker, saying they were not interested in selling to the day-to-day management to ￡ billion.

Sunday Telegraph also learned that another unknown party - described as an "investment fund" - last week launched a call for tenders for the company of up to ￡ 1 taken.

If Mr. Walker re-acquired all that Cap of returns of most remarkable in the history of the retail chain.

Iceland magnate was founded in 1970 and he built in a major national supermarket chain.However, he was ousted as Executive Vice President in January 2001 after the company issued a profit warning a few days after, he sold ￡ 13.5 m shares .a investigating Serious Fraud Office cleared him of any wrongdoing, but he deeply resented his treatment.He particularly felt anger toward Bill Grimsey, the Chief Executive who replaced him in a coup came while Mr. Walker was on vacation.

In 2005, Iceland has been denied by a consortium led by Baugur, the Icelandic the retail group and owner of retailers such as Hamleys, House of Fraser and Oasis.Baugur paid 326 million to ￡ Big Food Group, parent company who also owned the string then the Iceland pay Booker and restoration of f.l. Woodward'acquisition of 2005 saw Mr. Walker back in the bar.

When the string was acquired by Baugur, type-for-like sales were 10pc bas.Durant two years under the new owners, they have increased 16pc.

Iceland now includes 750 stores mark Iceland and 30 stores cool trader.

M. Walker, currently the Chief Executive approached the Icelandic banks there are four mois.Il is understood there - instead of private equity - Bank for the transaction.

Mr. Walker has long been close to the former owner of Iceland Foods, Jón ásgeir Jóhannesson, including Baugur lost investment vehicle control of the supermarket in spring 2009.

Mr. Johannesson has just resigned as President of Iceland Foods, earlier this year to fight against claims in court in New York who took $ Glitnir Bank the Iceland to support his failing business issuers.

The sale of the Iceland food could be crucial for Landsbanki, because he would have a great track pay so-called debt "Icesave" which has divided his home nation and caused a diplomatic row with Britain.

Great Britain requires Iceland to pay ￡ 2 United to compensate for it with internet arm of Landsbanki, Icesave savers bailing out.

It did not think that Landsbanki had active enough to cover the debt – which means that the taxpayer would be responsable.Mais this large an assessment of the Iceland foods could make a big dent in its liabilities.

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