Directors of Baugur have created a new company to pursue deal-making opportunities in retail as they attempt to “move on” following the investor’s collapse.
Baugur directors Gunnar Sigurdsson and Don McCarthy have teamed up to create the company, Tecamol. It is understood that Baugur founder Jón sgeir Jóhannesson is also involved.
According to documents filed at Companies House, Tecamol was created on February 25 and was initially to be registered as Carpe.
McCarthy, also chairman of jewellery retail group Aurum and department store chain House of Fraser, told Retail Week the company was a retail consultancy but could buy assets and establish businesses.
He rejected the suggestion the trio had their fingers burnt from the collapse into administration of Baugur’s UK arm, BG Holding, after Landsbanki pulled the plug on funding in February (RW Online, February 4), and insisted there would be new opportunities.
“We want to move on,” said McCarthy. “We will watch the market and wait. It is about having the right, experienced people around when it happens.”
It is unclear how the Baugur directors would raise finances to pursue asset building, or whether they want to acquire any of their original businesses back from the banks.
Tecamol is based on London’s Bond Street, at the offices of Watches of Switzerland – part of Aurum, which was formerly owned by Baugur.
On Wednesday an Icelandic court rejected Baugur’s application to extend its moratorium process, ending its protection from remaining creditors.
Baugur’s board was due to meet as Retail Week went to press and is understood to be disappointed by the moratorium decision, after producing what it believed were viable plans for creditors.
It is likely the remaining creditors will take over Baugur’s remaining stakes, which include holdings in All Saints, Jane Norman and Whistles.