Icelandic bank Kaupthing was on standby to provide emergency funding to fashion group All Saints as Retail Week went to press.

Talks were ongoing with potential investors in All Saints. Among those thought to be interested was Och-Ziff Capital Management, which has a 25% stake in Peacocks.

Sources said if no investor comes forward it was likely Kaupthing would inject cash, despite recently being embroiled in a row with shareholder and chairman Kevin Stanford - otherwise an administration of the retailer may result. It is thought to need about £50m.

Kaupthing’s former stake in All Saints is among those being sold by its administrator, Ernst & Young.

It would therefore not be in Kaupthing’s interests for All Saints to hit trouble. The basis on which Kaupthing would provide finance is not known.