Iceland boss will not step down from supermarket if elected MP

The executive chairman of Iceland, Richard Walker, has insisted he will not step down from the frozen food retailer, if elected as an MP.

Describing the claims as “laughable”, Walker argued that “plenty of MPs have second jobs”. He told This is Money: “I think it is important that people know what the outside world is like – what it is like to pay the wages on a Friday.

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“I’ll give it my all – but with regards to Iceland, nothing changes. It is important politics has people that aren’t just inside the Westminster bubble.”

This comes as in October the former managing director of the supermarket launched a bid to become an MP and has been named on the Conservatives list of approved parliamentary candidates.

Walker also added that Iceland’s profits will be “significantly down”, as the battle of costs between supermarkets and suppliers continue, dampen concerns over the firm’s £550 million debt pile.

However, Walker is adamant the family will “indefinitely” have a stake in the retailer. He added that the firm will not face issues refinancing its debt when the time comes to do so, in 2025.

“There are no hedge funds circling and there’s no debt battle looming,” he said.

This comes despite Walker’s theory that customers are more likely to flock to Iceland due to soaring energy costs and the cost of living crisis, due to its products lasting longer in the freezer and are, therefore, less likely to be wasted.

“People are switching to frozen,’ Walker concluded. “It’s the fastest growing category in the market.”