Baugur has approached BDO Stoy Hayward to advise it on a restructuring and possible administration.
The embattled Icelandic investor is considering placing its UK holding company into administration, a move that would have no short-term effect on its investments, including House of Fraser and Mosaic.
A Baugur spokesman told the Telegraph: “We are looking at various options.”
It is thought that placing the UK holding company into administration could speed up the rescue.
Last week Arcadia boss Sir Philip Green flew out to Iceland to discuss a possible purchase of Baugur’s debt from the Iclandic banks and the Government. Baugur chairman Jon Asgeir Johannesson warned of the need to make a deal with Green.
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