Walker edges towards securing frozen food chain Iceland

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In conjunction with other senior managers, who own 23% of the business, Mr Walker last night signed an exclusivity deal with creditors to Icelandic bank Landsbanki, the collapsed bank that took control of the chain in 2008.

It is thought the team could offer around £1.5 billion for the retailer, which has 22,000 staff and attracts five million customers every week.

Mr Walker, who has seen off competition from private equity firms BC Partners and Bain Capital, has not disclosed how the deal is being funded.

However Iceland's chief executive said: "I am delighted that the Icelandic banks have recognised the importance of management to the continuing success of the business, and have been supportive in giving us the exclusive right to pursue negotiations with them.

"I have every hope that we will be able to bring these to a successful conclusion within the coming weeks."

If Mr Walker regains ownership of the company he founded in Oswestry, Shropshire, in 1970, it would be a remarkable comeback.

He lost his job at the company in 2001 but was brought back in 2005 to revive its fortunes and sales have grown every year since. It has boomed since the economic downturn as sales of frozen food grew because consumers consider it to be good value for money.