Baugur has denied reports that MK One, the value clothing chain it has put up for sale, could be put into administration if no buyer is found.

Today's Daily Telegraph reports that plans to put the business into administration have been drawn up by Lee Manning of Deloitte as a last resort if a sale cannot be concluded. But Baugur insists that administration is not an option and a it is understood that a sale could be concluded soon.

A former director of MK One, Mark Brafman, has expressed an interest in acquiring some of the stores, the Telegraph said.

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