Baugur has denied newspaper reports that it has appointed BDO Stoy Hayward to advise on a restructuring and possible administration.

In a statement, Baugur chief executive Gunnar Sigurdsson said that Baugur had “no plans to place our UK business in to administration”.

He added that the investor “has not appointed any advisors”.

It follows the news that retail tycoon Sir Philip Green wants to acquire Baugur’s debt from the Icelandic government following the nationalisation of its key banks.

Sigurdsson said: “We continue to monitor the situation in Iceland, where possible maintain a dialogue with the banks and manage and plan our business accordingly.”

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