Last week, Landsbanki – the part-nationalised Icelandic bank, which is owed
£1bn of debt by the company – filed a petition in the UK courts to have Baugur’s
stake in companies including Iceland, Hamleys and the House of Fraser
ring-fenced by placing BG Holdings into administration. In response, Baugur
applied for a moratorium, which stops creditors from blocking asset sales.
PwC now holds Baugur’s 13.7% stake in frozen food retailer Iceland, 34.9 % of
House of Fraser, 63.7% of Hamleys and 37.8% of Aurum Group, which runs retailers
including Mappin & Webb and Watches of Switzerland.
Joint administrator Tony Lomas said: ‘We are discussing with Baugur how the
team has managed the portfolio and to establish a working relationship with
those who will help us in the short-to-medium term.’
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.