Kerry Katona may be the face of Iceland, but it is Malcolm Walker who is widely credited with turning round the fortunes of the Deeside frozen-food retailer he founded in 1970. Ousted in 2001, he was brought back as chief executive in 2005 by Icelandic investor Baugur when it bought the company’s owner, Big Food Group, for £326m. Walker has since cut 35% of product lines and turned losses into sizable profits at the 659 stores. Sales rose to £1,834m in the year to March 2008, allowing Iceland to refinance twice with the owners taking a reported £330m out of the business.
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