28. Are the Tories bad for business? Richard Walker on leaving the Tory party, running Iceland, and emerging from his dad’s shadow
Feb 2, 2024
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Richard Walker, executive chairman of Iceland, discusses leaving the Tory party, running Iceland, and emerging from his dad's shadow. Topics include UK supermarkets coping with the Red Sea crisis, making green business choices affordably, and the speaker's disillusionment with the Tory party and support for the Labour party.
Richard Walker's humble beginnings and understanding of the business from the bottom up allowed him to take over and steer Iceland's growth and success.
Richard Walker advocates for affordable green business choices and addresses the struggle of customers to afford basic necessities.
Deep dives
Richard Walker's Childhood and Iceland's Beginnings
Richard Walker reflects on his childhood growing up around Iceland, the supermarket chain his father started in 1970. He discusses his father's entrepreneurial journey, from working at Woolies to setting up a fish and chip shop and eventually starting Iceland. Richard explains how the business grew rapidly, acquiring a rival frozen food chain Bee Jam and floating on the stock market. He also highlights the importance of his mother's role in naming the business and reveals the humble beginnings of their success.
Richard Walker's Non-Linear Path to Taking Over Iceland
Richard Walker shares his personal journey and how he eventually took over as the boss of Iceland. Despite his initial resistance to join the family business, Richard decided to explore his roots after his mother's diagnosis of early onset Alzheimer's. He approached his father about joining Iceland and agreed to work in the shops, gaining firsthand experience as a frontline colleague. Richard's dedication and understanding of the business from the bottom up allowed him to take over and steer Iceland's growth and success.
Richard Walker's Advocacy for Cost of Living and Environmental Issues
Richard Walker discusses his public campaigns and advocacy on key issues. He explains his focus on cost of living, addressing concerns about rising prices and the struggle of customers to afford basic necessities. Richard also highlights his environmental initiatives within the supermarket, such as reducing plastic packaging and eliminating palm oil. He emphasizes the importance of being an environmentally sustainable business that caters to customers from all income brackets, championing the cause even in the face of potential challenges and misconceptions.
Richard Walker's Political Journey and Support for Labour
Richard Walker reflects on his involvement in politics, including his initial desire to become a Tory MP. He shares his growing disillusionment with the Conservative Party and his belief that their values no longer align with his own. Richard discusses his meetings with Labour leaders, including Keir Starmer, and their shared priorities for the UK's future, such as environmental protection and support for struggling communities. He clarifies that he supports Labour's ambitions and principles for the country but does not seek membership or political office.
Is the Conservative party no longer the party of business? How are UK supermarkets coping with the Red Sea crisis? Is it possible to make green business choices affordably?
Join Steph and Robert as they interview executive chairman of Iceland, Richard Walker, in this episode of The Rest is Money.