Iceland began business in 1970, when Malcolm Walker opened the first store in Leg Street, Oswestry, Shropshire, England, with his business partner Peter Hinchcliffe. Together, they invested £60 for one month's rent at the store. The name 'Iceland' was suggested by Walker's wife Rhianydd (Ranny). They were still employees of Woolworths at the time, and their employment was terminated once their employer discovered their other roles. Iceland initially specialised in loose frozen food. In 1977, they opened a store in Manchester selling own-labelled packaged food, and by 1978 the company had 28 stores.