The sale of a majority stake in frozen food retailer Iceland could spark an auction for the whole chain.
The Resolution Committee of failed Icelandic bank Landsbanki is appointing investment banking advisers to sell its majority 67 per cent holding in the supermarket.
The 750-store portfolio, worth between £1.7 billion and £2 billion, is expected to attract plenty of interest from rival supermarket chains and private equity outfits alike. If the auction of Iceland Foods goes ahead, Wm Morrison - the UK’s fourth biggest food retailer and currently building a chain of convenience stores - is expected to examine the properties as a potential acquisition.
Potential auction of Iceland Foods attracts supermarket rivals