Sir Malcolm Walker and chief executive Tarsem Dhaliwal have bought out South African conglomerate Brait SE’s 63% stake in the business for £115m to form a newly established company Iceland Foods.

The sale will be made in three tranches, with the first £60m being paid today to Brait and the remaining instalments of £26.9m and £28.1m to be paid in July 2021 and 2022 respectively.

Brait, the investment vehicle of billionaire Chritso Wiese, first undertook a management buyout of Iceland with the backing of Walker, Lord Kirkham and the Landmark Group in 2012.