Baugur news and archive

Baugur investments boosted by speculation

Shares in Woolworths and Moss Bros lifted as the market looked forward to Baugur's much anticipated restructuring of its key investments in the New Year. The acquisitive Icelandic investment group controls 10 percent of the struggling Woolworths and is expected to demand a restructuring after the company issued a second profits warning before...

Fashion

Topshop owner eyes Baugur

Topshop-owner Sir Philip Green is in talks with Icelandic government officials about investing up to £2bn in Baugur, the retailing group which includes House of Fraser, Karen Millen and Hamleys. Baugur has seen part of its assets frozen in the fallout from the Icelandic banking crisis and Sir Philip, who has steered clear of equity markets and...

Fashion

Baugur to announce Moss Bross takeover

Baugur will announce this week that it plans to proceed with the proposed £40.2m takeover of struggling menswear chain Moss Bros. The Icelandic investor is expected to tell the City on Tuesday it has completed due diligence work and is putting the finishing touches to its financing. Moss Bros opened the books to Baugur in March after it tabled...

Fashion

Baugur's fashion brands report losses

Mosaic Fashions, the group of clothing brands controlled by Iceland's Baugur, reported a full-year loss, but the group said its cash position remained strong and it expected to return to profit next year. “It was a tough year and overshadowing all of these results the assimilation of the Rubicon brands,” said Derek Lovelock, chief executive of...

Fashion

Baugur to bid for Saks

Icelandic retail investor Baugur has said it may make a joint bid for luxury US department store chain Saks. Baugur, which owns the UK's House of Fraser, said it could join with Dubai-owned retailer Landmark Group to make a formal takeover approach. The Icelandic firm said it now intended to hold discussions with Saks' board and senior managers....

Fashion

Baugur plans expansion in Germany

Baugur is planning major expansion in Germany as it looks to take its UK fashion brands into new territories. Baugur hopes to open up to 300 concessions of its major clothing brands - such as Karen Millen, Jane Norman and Principles in German department stores over the next three to five years. The company has formed a joint venture, Arctic,...

Fashion

Baugur may sell retail chain

Baugur is considering selling a number of its retail interests over the summer as it looks to realise value from its British shopping spree. The group has never sold any of its UK retail chains in the four years it has been an active investor in the sector. To date, the company has made money by refinancing its operations. However, Gunnar...

Fashion

Baugur founder guilty of manipulating books

Jon Asgeir Johannesson, the founding chief executive of acquisitive Icelandic investment group Baugur, has been found guilty of false accounting by an Icelandic court. He was accused of using a credit invoice to falsely inflate Baugur's accounts and was sentenced to a three-months suspended prison sentence, which will be appealed by his lawyers....

Fashion

Baugur stake in Matthew Williamson

The Icelandic company Baugur has taken a minority stake in British design house Matthew Williamson. The investment will help build the London-based company's retail network and establish a stand-alone accessories business. According to chief executive and co-founder of Matthew Williamson, Joseph Velosa, there is enough funding for two stores,...

Fashion

Baugur to launch House of Fraser takeover

Baugur, the Icelandic investor that owns vast swathes of Britain's high street, is poised to launch its long-expected £350m offer for House of Fraser, the department store group. The 148p-a-share offer is expected to be announced within days, although sources close to Baugur warned that it could slip to next week. "Things are on track, and there...

Fashion

Baugur puts rumours to rest, consolidates UK presence

Icelandic retailer Baugur has squashed rumours that it might retract its bid for the House of Fraser department store chain. Nevertheless, the chain's shares still slipped 3.4 percent as a result of the conjecture. "This is just a scurrilous rumour," said a spokesman for Baugur. "It is completely false. Due diligence is progressing on schedule."...

Fashion

Baugur to sue Icelandic persons over fraud

Baugur is planning to sue five individuals in Iceland, including a top politician, a judge and a newspaper editor, over fraud allegations thrown out of court last month. Several current and former directors of Baugur, including chief executive Jon Asgeir Johannesson and his father, were accused of embezzlement but the charges were rejected by a...