Sir Philip Green is understood to be interested in bidding for Principles, the fashion brand owned by Mosaic.

Green is believed to be one of a handful of bidders interested in the Baugur-backed fashion group’s brands, which include Warehouse, Coast and Oasis.

Last month, Mosaic rebuffed speculation that it was considering the sale of its brands other than its footwear brand Shoe Studio, which was officially put up for sale two weeks ago.

Retail Week learnt that a potential investor has lined up partners to approach the company about acquiring Warehouse, Principles and Shoe Studio.

Meanwhile Baugur is to shut its Reykjavik office and cut jobs in London as it seeks to make cost savings.