Sir Alan Sugar’s attempt to stakebuild in struggling retailer Woolworths has been scuppered after his shares he thought he had bought failed to turn up, prompting speculation that the vendor may have been an Icelandic investor whose assets have been frozen.

A Stock Exchange disclosure on his behalf revealed: “Shares notified on October 9 as acquired were not acquired: selling party was unable to deliver the shares.”

Sugar’s property company Amsprop revealed last week that it had built up a 3.88 per cent stake in the retailer, but today it said it did not have a holding that was above 3 per cent.

It was not disclosed who the vendor to Sugar was. Icelandic retail investment vehicle Baugur has the largest stake in Woolworths at 10 per cent.

A Baugur spokesman denied that the shares were related to Baugur’s shareholding.

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