Investment company Brait has sold its entire 63.1% interest in British supermarket chain Iceland Foods.

Brait has sold its shareholding to a newly established company, wholly owned by Sir Malcolm Walker CBE and Tarsem Dhaliwal. Iceland Foods was founded in 1970 by Sir Malcolm Walker CBE and the transaction returns the business to being wholly owned by its founder and the management team.

The sale consideration to be paid to Brait is £115 million in cash, payable in three instal...