Frozen out: how an ambitious plan to save Iceland melted under pressure

Revealed: Naeem Maniar’s second stint in charge of the ailing supermarket chain hasn’t gone to plan. Here’s how things went wrong for a man once labelled one of the ‘biggest cowboys since John Wayne’

Iceland on Talbot Street in Dublin: Up to 16 ‘loss-making’ stores face closure. Picture: Collins

In December 2022, Naeem Maniar was travelling in the Holy Land with his mother, on a long-promised trip, when the news reached him that Iceland were looking to exit the Irish market.

Maniar, who declined to speak to the Business Post for this piece, had once run Iceland’s operations in Ireland before, to some success, before selling the firm back to the parent company. The business had grown since, to 26 shops and nearly 400 ...