Retail tycoon Micky Jagtiani has renewed speculation that he may yet make a bid for department store Debenhams.

The Landmark boss said in a stock exchange statement that “nothing has been ruled out” with regards to Debenhams.

Jagtiani – a reclusive billionaire who is said to have started with a single shop in Bahrain in the 1970s after working as a London cabbie – has built up a 9 per cent stake in Debenhams.

His investment vehicle Milestone Resources Group said in a statement: “Milestone wishes to emphasise that it took an opportunity to acquire a significant holding in Debenhams at an attractive price, but has made no firm decision relating to its longer term strategy. Consequently, no particular course of action has been determined, equally nothing has been ruled out.”

Last week, Landmark chief legal officer Anuraag Malhotra told Retail Week that Jagtiani had ruled out making a bid for Debenhams. He said: “Landmark believed the price was attractive enough to make an investment. There is no strategic intent regarding Debenhams.”

Landmark now has 600 shops in India, Spain and the Middle East. Jagtiani also has links with Icelandic investment group Baugur, which owns a 13 per cent stake in Debenhams.

Jagtiani silences talk of a bid for Debenhams