Speculation is rife that Iceland founder Malcolm Walker is set to go head to head with his former company by opening up a new chain of frozen food retail outlets. Reports suggest the new operation's name will be Frozen Out although others dismiss that as an ironic working title and deliberate sideswipe at Iceland. Walker left Iceland in January, in a move that was said to try to defuse city uproar over his sale of £13m of shares just weeks before a profit warning, a sale that is still being investigated by the Financial Services Authority. However, his contract with the company included a non-compete clause for two years and an Iceland spokesman said: "If the rumours are true Iceland would make every effort open to them to protect their position." At the moment, it is reported Walker has teamed up with his former finance director Alan Pritchard and has picked a site for the first of a chain of stores in Wrexham, north Wales, not far from where he started out with Iceland in 1970 at Oswestry. A number of ex-Iceland staff are rumoured to have joined him, including five senior executives and also the deputy manager of the Iceland store in Wrexham. The new store has been described as being closely modelled on an Iceland store, with a similar product mix. {{NEWS }}