Icelandic investment giant Baugur is understood to be on the brink of falling into administration after its backer Landsbanki pulled its funding.

It is understood the chief executives of Baugur-backed companies were informed last night that the company was about to be placed into administration.

Among the companies backed by Baugur are House of Fraser, Mosaic Fashions, Hamleys and Goldsmiths.

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