House of Fraser and Aurum

McCarthy has taken a tumble down the power list this year following the administration of Baugur, the Icelandic investor in which he was a shareholder. However, don’t expect McCarthy to go quietly into the night.

The shrewd businessman has set up a new venture with former Baugur heavyweights Jón Ásgeir Jóhannesson and Gunnar Sigurdsson - called JMS Partners - with a view to making retail acquisitions and acting as a consultant.

At House of Fraser, McCarthy is contending with speculation that he is looking to refinance the department store chain, something he vehemently denies, and is clearing up the ownership hangover left following Baugur’s downfall.

McCarthy is also keeping busy as chairman of jewellery group Aurum, also once backed by Baugur. The veteran deal-maker, who sold Rubicon shoes and fashion group for £353m in 2006, will not stay out of the limelight for long.