Retail group goes to Iceland
Oasis and Karen Millen owner Mosaic has said it will float on the Reykjavik stock exchange next month for£300 million. The move comes as a shock to London investors and has been identified as a sign that retailers have become disenchanted with the UK stock exchange.

The move follows the acquisition by Fat Face by private equity group Advent last week. Fat Face mulled a flotation, but decided to stay in private ownership.

Mosaic, which was formed by the merger of Oasis and Karen Millen last year, hopes to raise£40 million from the float to increase its 600-store portfolio in the UK and abroad.

The group's management will retain 22 per cent of the shareholding, Icelandic retailer Baugur will have a 36 per cent stake, Icelandic bank Kaupthing will keep 10 per cent, while Kevin Stanford and Karen Millen - co-founders of Karen Millen - will jointly hold 13 per cent.

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