Former Iceland boss scoops frozen food stores

Iceland founder Malcolm Walker has bought Poundfreeze, a small chain of frozen food stores to merge with his latest venture, Cooltrader, for an estimated£8 million.

The retailer, who quit Iceland following allegations of insider trading, set up Cooltrader in 2001.

Poundfreeze co-founder Anton Taylor will be retained as marketing director of the merged group. It is understood that he will re-invest some of the money he made on the buy-out back into the merged business.