The iceman cometh back. Malcolm Walker is on the verge of regaining control of Iceland, the food retailer he began in 1970.
There's been more drama in Walker's life and the life of Iceland to fill a trashy trilogy. But the straight talking retailer and his management team look the only likely bidders and are now in exclusive talks to buy the company valued at about £1.55bn, although that includes £150m of cash on the balance sheet.
Other private equity bidders have been sniffing around but are nervous about bidding without having Walker and his incumbent management team on side.
And as far as Walker and his pals are concerned, the only side they want to be on is their own. Neither will Walker be returning to the stockmarket under his own volition - not after his previous experience.
The future of Iceland is as a highly cash-generative private company paying rich dividends that understands and dominates its niche.
Despite the name, only about a third of its sales come from frozen food but it does frozen food better then its bigger supermarket rivals and that's what gets customers through the doors to do the rest of their shopping. It's known for value and doesn't do online shopping. But it does convenience. Iceland shoppers come to the store but can then have their shopping delivered to their home later.
Iceland has benefited from the effects of recession but its sales growth has been consistent over the last 40 years come rain or shine. Walker knows what his customers want and he gives it to them. He also knows a bargain and buying Iceland will complete a remarkable round trip.
damian.reece@telegraph.co.uk
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