Brothers Lýdur and Ágúst Gudmundsson, known as the “business Vikings,” founded Bakkavor in 1986 and have recently sold their ready-meal business to Greencore, an Irish sandwich-maker, in a deal worth £1.2bn. This transaction is set to result in a £250m payday for the Gudmundsson brothers. The deal will see them receive 177m shares in the new group in addition to the cash payout. The merger between the two London-listed companies follows previous rejection of offers by Bakkavor. The companies produce various food items for major UK supermarkets like M&S, Sainsbury’s, and Tesco. The sale marks a pivotal moment for Bakkavor, which entered the London Stock Exchange in 2017 after facing financial challenges during the 2008 Icelandic banking crisis. The Gudmundsson brothers, who reclaimed control of Bakkavor in 2016, have remained key figures in the company, retaining seats on the board and are expected to serve on the new business board. The merger aims to enhance growth opportunities and streamline operations, but concerns have been raised by the union GMB about potential job losses.