Malcolm Walker, chief executive of frozen foods retailer Iceland, is understood to have been tapped up by Jon Asgeir Johannesson, founder of collapsed high street chain Baugur, about investing in his Hagar retail empire.
Walker said he is considering helping out with a small personal investment.
He told the Telegraph: “It is something that I would look at, to make a very small investment on a personal basis. On a personal level I have always found [Jon Asgeir] to be an honourable guy.”
Johannesson and his father bought Hagar from Baugur in 2008, prior to its collapse.
Other businessmen that Johannesson is reported to have approached are Sir Tom Hunter and House of Fraser chairman Don McCarthy. However, a spokesman for Sir Tom said that he had not been approached. McCarthy could not be reached for comment.
Baugur previously invested in the frozen foods chain Iceland before its collapse.