A new company led by Iceland boss Malcolm Walker has completed its takeover of DBC Foodservice and plans to turn it into "the best service-orientated foodservice business in the UK".

WPD, owned by Walker along with Iceland's MD Andrew Pritchard and financial director Tarsem Dhaliwal, has been formed to acquire WF Group Holdings, the parent company of DBC.

The company was sold for an undisclosed sum by its joint owners, the Icelandic investment companies Baugur Group, a major part of which went into administration last year, and Fons Eignarhaldsfelag. The existing management of DBC, the third-largest foodservice provider in the UK, will be left in place and the trio in charge of WPD will provide "advice, direction and support".

"We believe there is an exciting opportunity to build on these solid foundations by further extending its product range and service capabilities, so as to create the best service-orientated foodservice business in the UK," said Dhaliwal, who has also chaired DBC since August 2007. "We shall be looking for opportunities to exploit our industry knowledge, experience and buying power to extend DBC's capabilities and improve its performance."