Icelandic retail investment company Baugur Group said it has no plans to place its UK business into administration as it faces up to Iceland’s banking turmoil.
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It follows reports that the company, which has a minority stake in frozen food chain Iceland, was considering placing its UK holding company into administration, prompting Baugur’s boss to dismiss the speculation this morning (14 October).
In a statement, Baugur CEO Gunnar Sigurdsson said: “Further to media speculation today, we would like to make clear that Baugur has not appointed any advisers.
“We continue to monitor the situation in Iceland, where possible maintain a dialogue with the banks and manage and plan our business accordingly. We have no plans to place our UK business into administration.”
The group is currently locked in talks with retail entrepreneur Sir Philip Green about a possible investment in its UK portfolio after the collapse of the Icelandic banking system last week.
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By GlobalDataIn the UK, Baugur’s principal investments include fashion chains Whistles and Jane Norman, Mosaic Fashions – including the Oasis, Warehouse and Karen Millen retail brands – and UK department store chain House of Fraser.
The company also has stakes in the UK chains Debenhams, Moss Bros and French Connection.
