Iceland Supermarkets Cash Cow for Icesave Skip to content

Iceland Supermarkets Cash Cow for Icesave

British supermarket chain Iceland Foods has often been called “the cash cow” of Landsbanki’s portfolio of assets. According to calculations, Iceland Foods alone can pay up to one quarter of the Icesave debt.

Icelandic companies own the majority of Iceland Foods. Approximately 40 percent is held by the resolution committee of Landsbanki, 29 percent is in the ownership of holding company Stytta and ten percent by the Glitnir Bank resolution committee, visir.is reports.

Iceland Foods delivered a record profit this last fiscal year, which ended at the end of March 2010. The revenue increased by more than 19 percent and amounted to GBP 135.4 million (ISK 25.5 billion, USD 195.6 million, EUR 163.4 million) before taxes.

It is estimated that the company is worth GBP 1.150 billion. Landsbanki’s share is GBP 800 million, which is one quarter of the GBP 3.2 billion the Icesave debt has amounted to.

Click here to read more about Icesave.

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