IC&D was set up by Graeme Devine following the closure of his previous company, Program Techniques.
IC&D officially stood for "Industrial Concepts & Design", but Devine stated that is always really stood for "Ice-Cream & Doughnuts".
Devine employed Tim Ansell (future founder of The Creative Assembly) and they wrote a number of original games along with "a gazillion ports of different things".
IC&D continued until Devine was approached by Martin Alper of Mastertronic and asked to set up their US operation in 1988.
(Source: Retro-Gamer interview 21/11/2014)