Tycoon Jagtiani amasses $1bn fund for raid on UK fashion retail

Jagtiani, chairman of Landmark Group, has in the past been linked to potential bid interest in retailers including department store group Debenhams, and last month bought the Carluccio’s restaurant chain for £90m.

He said last week that he was particularly interested in a quoted UK fashion retailer and was taking an interest in developments at New Look. Jagtiani told Arabian Business magazine: “We still are [looking at it] but I can’t talk about that because it’s a publicly listed company. We have a war chest of close to $1bn for 2011. We are looking at opportunities as and when they come. We will explore them. We prefer London because we understand England, we have worked in England before. We feel comfortable with the DNA of England.”

His comments are likely to prompt speculation of renewed interest in Debenhams, in which he already holds a stake of just under 7% through investment business Milestone Resources.

In 2008, when there was also talk that he might attempt to buy Debenhams, Jagtiani insisted it was a straightforward investment to take advantage of the department store group’s low share price.

A source familiar with New Look said Jagtiani’s comments about it may have been misunderstood. Jagtiani is an investor in the retailer and one of its franchisees, so his keen interest in it does not necessarily imply an intention to track and buy it the source said.

Jagtiani, a former taxi driver whose creation of retail, hospitality and property group Landmark made him a billionaire, was not available for comment.