IRC reshuffles board
Iceland chief executive, Malcolm Walker, and finance director, Tarsem Dhaliwal, have joined the board of Individual Restaurant Company ahead of its delisting in July.
IRC shares are due to be delisted on 15 July following takeover by W2D2, a takeover vehicle created by Walker, Dhaliwal, Steven Walker and Paul Dawes.
Earlier this month, W2D2 said it controlled 75.77% of the issued share capital of Manchester-based IRC, which owns and operates 22 Piccolinos and 11 Restaurant Bar & Grills around the country. The offer valued IRC at £5.67m.
IRC's statement to the stock exchange on Wednesday added that Robert Breare and Richard Simpson have resigned with immediate effect from the board of IRC.
In accordance with corporate governance rules, IRC also confirmed that Dhaliwal was a director of Kirkham Foods when placed into liquidation on 16 November 2004. In addition he resigned as a director of both WF Group Holdings and WF Group in August 2010. Both of these companies were placed into liquidation on 20 April 2011.
