Malcolm Walker, the chief executive of Iceland Foods, has almost doubled his stake in Individual Restaurant Company (IRC), buying a further five million shares.
Walker, no relation to Steven Walker, IRC's chief executive, now has a 19.45% stake in the company, which operates the Piccolino and Restaurant Bar & Grill premium casual dining chains.??
IRC said yesterday its 2009 pre-tax profits would be ahead of market expectations after it succeeded in lowering costs by more than its £2m target. Most analysts are expecting a pre-tax profit figure of about £1.1m.??
The Aim-listed company owns 22 Piccolino and 11 Restaurant Bar & Grill outlets.?
At the current share price Walker’s transaction represents an additional investment of more than £650,000.
