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Baugur founder seeks investment

Jon Asgeir Johannesson, the founder of collapsed Icelandic investment vehicle Baugur, has approached former colleagues seeking investment for his Icelandic retail business Hagar.

Johannesson, who via Baugur owned swathes of the UK high street including House of Fraser, All Saints and Jane Norman before Baugur’s collapse last year, is understood to have approached USC-owner Sir Tom Hunter and House of Fraser chairman Don McCarthy for financing.

Johannesson wants to raise up to £35m to secure the future of Hagar, which runs the Icelandic grocers Bonus and Hagkaup, as well as Debenhams stores in Iceland.

Johannesson and his father bought Hagar from Baugur in 2008, prior to its collapse.

A spokesman for Hunter said that he had not been approached. McCarthy could not be reached for comment.

Readers' comments (1)

  • What? Hasn't he got any spare stashed away?
    You couldn't make it up if you tried.
    The funny money from the credit boom has gone so now one can see who can and who can't.

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