BusinessCorporate FinancePwC moves to secure Icelandic holdings

PwC moves to secure Icelandic holdings

Administrators from PwC have met with Baugur executives to protect the Icelandic government’s interests in the retail investor

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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.’

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