Iceland boss builds stake in Piccolino group

Malcolm Walker has doubled his holding in Individual Restaurant Company and now owns 19.45% of the business.

IRC issued an upbeat trading statement on Tuesday, saying it would beat analysts' forecasts for pre-tax profits this year.

Following the trading update, Walker acquired 5m shares at 13p each. He now holds 11.6m shares. In July 2009, IRC raised £2.6m in a share placing underwritten by Malcom Walker. His stake is now worth £1.5m out of the company's market capitalisation of £7.7m.

Manchester-based IRC operates 11 Restaurant Bar & Grills and 22 Piccolinos around the country.

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