BGN Entrepreneur

Creditors of Baugur are now trying to wrest control of some of the biggest assets of Icelandic group via putting much of the company that controls some of UK’s best-known high street shops into administration in the UK rather than in Iceland.
The Icelandic bank—Landsbanki, has appointed PricewaterhouseCoopers to take control of BG Holdings, which owns stakes in or controls Hamleys, House of Fraser, Iceland Foods as well as Arum Group, and also houses Goldsmiths and Watches of Switzerland. Owning stakes in a long list of UK retailers including Debenhams and FCUK etc., Baugur’s announcing of being on the edge of collapse this morning, has put the future of many well-known high street brands in doubt. Today, Baugur announced that it has asked Icelandic courts for a three week stay of execution “to protect the group’s assets as well as the interests of all creditors”.
However, Tony Lomas and Zelf Hussain, partners at PwC, filed an emergency petition last night with the High Court in London and the court will issue its ruling within the next five days. Landsbanki will also continue to fight against application of Baugur for a moratorium through the Icelandic Courts.

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