Malcolm Walker has turned around the fortunes of the Deeside frozen-food retailer he founded in 1970. Ousted in 2001, he was brought back by Baugur when the Icelandic private-equity concern bought the company’s owner Big Food Group in 2005. Walker has since turned large losses into sizable profits, with sales growing to £1,662m in the year to March 2007. This helped Iceland arrange a £290m refinancing, putting £60m into the pockets of Walker and his team. With 667 Iceland stores, Walker plans to grow the number of Cooltrader-branded bargain outlets by at least 10 a year from the existing 41.
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