Baugur has quashed speculation that it will suffer as result of the nationalisation of Icelandic bank Glitnir and the administration of Stodir, an investment business controlled by Baugur executive chairman Jon Asgeir Johannesson.

Baugur chief executive Gunnar Sigurdsson said Baugur’s assets are based in the UK, Scandinavia and the US and “as such have no exposure to the Icelandic economy”.

He added: “The funding for these businesses is secure and the vast majority of this funding is through international banks with whom Baugur has a long working relationship.

“As we have previously stated, we are focusing on large retail projects and will continue to operate based on that strategy as well as remain committed to working on our portfolio to continue to create value and growth. Our businesses continue to perform well in what are evidently tough market conditions. For Baugur, it is business as usual".

Baugur’s UK retail interests include Hamleys, House of Fraser, frozen food specialist Iceland, Goldsmiths and Whittard of Chelsea.

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