The veteran founder of Iceland, the frozen food chain, has bagged what may be the ultimate supermarket discount deal: a £50m buyout which comes with millions of pounds slashed from the purchase price.
Sky News has learnt that Malcolm Walker has agreed with Brait, the South African conglomerate, to pay the remaining two instalments of a £115m fee ahead of schedule.
Under a deal announced in June, Brait said it would offload its 63% stake in Iceland to Mr Walker, who founded the business exactly 50 years ago, and Iceland's chief executive, Tarsem Dhaliwal.
The transaction saw the first tranche of £60m paid at the time, with £26.9m due on 30 July next year, and £28.1m 12 months later.
"NewCo may settle the deferred payments in full, or in part, at any time on or before these payment dates, in which case a rebate for early repayment shall be applied," a statement in June said.
Sources said the two sides had agreed to settle the full sum now, with a discount of roughly £5m to the overall purchase price said to have been settled upon.
The early payment of the outstanding £50m is said to have been sought by Brait as it battles to salvage value from its other main UK retail asset, the fashion chain New Look.
Brait also controls Virgin Active, which has been badly affected by the coronavirus pandemic in its main markets of the UK and South Africa.
Iceland trades from close to 1000 stores across the UK, but is facing growing competition from price-conscious rivals such as Aldi and Lidl, as well as the general merchandise retailer B&M, which now sells cheap frozen food.
Iceland declined to comment, while Brait could not be reached for comment on Sunday.
https://news.google.com/__i/rss/rd/articles/CBMiXGh0dHBzOi8vbmV3cy5za3kuY29tL3N0b3J5L2ljZWxhbmQtZm91bmRlci1iYWdzLWEtYmFyZ2Fpbi1pbi01MG0tc3VwZXJtYXJrZXQtYnV5b3V0LTEyMDY1NDg10gFgaHR0cHM6Ly9uZXdzLnNreS5jb20vc3RvcnkvYW1wL2ljZWxhbmQtZm91bmRlci1iYWdzLWEtYmFyZ2Fpbi1pbi01MG0tc3VwZXJtYXJrZXQtYnV5b3V0LTEyMDY1NDg1?oc=5
2020-09-06 18:56:26Z
CBMiXGh0dHBzOi8vbmV3cy5za3kuY29tL3N0b3J5L2ljZWxhbmQtZm91bmRlci1iYWdzLWEtYmFyZ2Fpbi1pbi01MG0tc3VwZXJtYXJrZXQtYnV5b3V0LTEyMDY1NDg10gFgaHR0cHM6Ly9uZXdzLnNreS5jb20vc3RvcnkvYW1wL2ljZWxhbmQtZm91bmRlci1iYWdzLWEtYmFyZ2Fpbi1pbi01MG0tc3VwZXJtYXJrZXQtYnV5b3V0LTEyMDY1NDg1
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