Iceland saga: inside Tesco’s €4m deal that melted away

Documents reveal how close the supermarket giant’s Irish expansion was to being completed before it fell apart last week

Tesco’s withdrawal effectively forces the company behind the Iceland stores in Ireland into liquidation

Tesco was willing to spend more than €4 million to buy the company behind the Iceland chain of stores in Ireland, and invest tens of million more on the business, before it pulled out of the deal at the last minute, the Business Post can reveal.

The supermarket giant was planning to undertake a major refit of stores to reopen them under the Tesco brand, which is understood would have involved a multimillion euro investment.