Hamleys has appointed a Landsbanki representative to its board and reiterated that the nationalised Icelandic bank does not intend to sell its majority stake.
The iconic toy retailer appointed Landsbanki director of risk and portfolio Sally Ingleson to its board this week. Landsbanki owns a 64 per cent stake in Hamleys following the collapse of Baugur’s UK arm in February (RW Online, February 4).
Ingleson is the first Landsbanki representative to sit on the board of a retailer in which the bank controls a stake, via administrator PricewaterhouseCoopers. It also has stakes in frozen food specialist Iceland, department store chain House of Fraser and jewellery group Aurum.
Hamleys chief operating officer Paul Currie said that Landsbanki is “very supportive in our strategy going forward. They have no wish to sell; our value is in the future.”
A Landsbanki spokesman said the appointment is “confirmation of the confidence we have in the long-term value of Hamleys”.
Currie said like-for-likes are up year on year, and that the company is “beating forecasts”.