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Sir Philip Green faces competition on Baugur deal

A clutch of private equity firms are understood to have begun talks with the Icelandic government about buying stakes in and the debt in several Baugur-linked retail businesses. Sir Philip Green is also in talks with the Icelandic government about a deal.

Permira, TPG and Alchemy are believed to have entered into discussions about a potential deal which could include taking stakes in Mosaic Fashions and Whistles. Reports this morning tip Alchemy as the front runner to do a deal to buy Baugur and or Mosaic Fashions. Alchemy boss Jon Moulton is believed to have a close relationship with Mosaic Fashions chief executive Derek Lovelock.

Sir Philip Green had hoped he could complete a deal quickly but news that potential other bidders have entered the fray could slow the process down.

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