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Coface pulls insurance for Baugur suppliers

Credit insurance company Coface has withdrawn cover for suppliers to several Baugur-owned companies following the banking crisis in Iceland.

According to The Times, another credit insurer, Atradius, said it was talking to Baugur about its companies.

Baugur has interests in a host of UK high street retailers including House of Fraser, Karen Millen and Oasis.

Coface credit insurance director Ian Hollyhomes told the newspaper the company had reviewed parts of the Baugur Group and had decided to withdraw or reduce cover in some instances.

The newspaper said the decision was motivated by the slowdown on the UK high street as well as the crisis in Iceland.

Baugur put out a statement yesterday saying that its businesses would not be impacted by the Icelandic turmoil.

Readers' comments (1)


    Philip Green and Baugur meet Icelandic minister

    QUOTE'' By Alex on Oct 10, 2008 in Finance and Business, Iceland, MBL, Politics, United Kingdom

    ''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''QUOTE

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

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