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The chairman of the supermarket chain Iceland will be nominated for a Labour peerage, sources within the party have confirmed.
They said Richard Walker was “a committed champion of families dealing with the cost of living” and “will be a strong voice in Parliament”.
The 45-year-old left the Conservative Party in 2023, and was later seen at the launch of Labour’s manifesto for the 2024 general election.
He assumed control of the frozen food retailer from his father, who founded the chain, in 2023.
Mr Walker was among a long list of Conservative candidates to stand to be an MP, having been selected to be a member of the then-Tory government’s business council in 2022.
At the time he said he was “honoured” by the position.
However, 18 months later, he said he could no longer support the party, telling the BBC at the time it was “out of touch” and criticising it for its handling of the economy and climate change.
Mr Walker then threw his support behind Labour, writing in the Guardian that now-Prime Minister Sir Keir Starmer “has exactly what it takes to be a great leader”.
In February this year, he gave the new government a score of “six out of 10” in comments to the Financial Times, taking issue with it raising employer national insurance contributions but praising its attempts to improve relations with the EU.
Despite having a majority in the House of Commons, Labour is currently outnumbered in the Lords, with 210 peers to the Tories’ 282.
Mr Walker was made an OBE in the 2022 Birthday Honours for services to business and the environment.
