Iceland is reportedly in talks with Middle East investors over a potential sale of the chain for up to £1.5bn.

A consortium headed by the Global Banking Corporation of Bahrain is holding early talks about a takeover of the frozen food retailer, according to the Mail on Sunday.

Iceland is majority-owned by collapsed Icelandic banks Landsbanki and Glitnir, which hold 76%. Management, including boss Malcolm Walker, own 24%.

Walker made a £1bn bid earlier this year to buy back Iceland, but this has reportedly been rejected. He may be spurred to make another offer in light of takeover talks. Walker founded Iceland in 1970.

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