Operating profits at DBC Foodservice halved to £1.5m last year but the company insists it is well positioned to grow under its new management.

Accounts filed this week for its parent company, WPD Holdings, did not give the sales or pre-tax profits of DBC, which was bought by Iceland directors Malcolm Walker, Tarsem Dhaliwal and Andrew Pritchard in 2009.

"There has been no massive growth so far," conceded Dhaliwal, "but we have spent the past year putting in place a new management team, new IT systems and moving to a new headquarters."