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Baugur boss rejects speculation over UK retail assets

Baugur has rejected speculation that it will be impacted by the nationalisation of Icelandic bank Glitnir, and the administration of Stodir, controlled by Baugur chairman Jon Asgeir Johanesson.

Gunnar Sigurdsson, chief executive of Baugur, whose UK investments include House of Fraser and Mosaic, said: "Baugur notes the recent activity in Iceland with the part nationalisation of Glitnir and the administration of Stodir and the resulting press speculation.

"Baugur would like to state for clarity that its assets are based in the United Kingdom, Scandinavia and the United States and as such have no exposure to the Icelandic economy.

"At the same time the funding for these businesses is secure and the vast majority of this funding is through international banks with whom Baugur has a long working relationship. As we have previously stated, we are focusing on large retail projects and will continue to operate based on that strategy as well as remain committed to working on our portfolio to continue to create value and growth. Our businesses continue to perform well in what are evidently tough market conditions. For Baugur, it is business as usual".

Readers' comments (1)

  • http://www.icenews.is/index.php/2008/10/10/philip-green-and-baugur-meet-icelandic-minister/

    Philip Green and Baugur meet Icelandic minister
    By Alex on Oct 10, 2008 in Finance and Business, Iceland, MBL, Politics, United Kingdom


    QUOTE''The billionaire retail mogul Philip Green is in Iceland and met earlier today with the country’s finance minister. Green, one of Britain’s top-ten richest people, met the minister along with several key figures from Baugur.

    Baugur is the Icelandic investment company that owns several of Britain’s biggest high street names and employs 60,000 Britons.

    After the meeting, Green declined to comment, but Jon Asgeir Johannesson, Baugur Chairman, said the meeting had centred on Anglo-Icelandic relations and how they are affecting Baugur’s business in its key market.

    Sources say that Green has become a significant Baugur shareholder, but neither he nor Johannesson would confirm this, according to Visir.is.''QUOTE

    So the plot thickens.............If the above IS true, I am flabberghasted.....It really will be TESCOPOLY fashion afterall.

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