Landmark Group has once more increased its stake in Debenhams to total more than 9 per cent, via its investment vehicle Milestone Resources.
Landmark, the Dubai firm headed by retail entrepreneur Micky Jagtiani, has acquired 9.13 per cent in the retailer, up from a little more than 8 per cent earlier this month.
The disclosure of the stakebuilding by Landmark – which is interested in linking up with Icelandic investor Baugur to take over US department store group Saks – comes at a time when Baugur is able to make an offer for Debenhams, following a six-month exclusion period under Takeover Panel rules.
Landmark is keen to build its international presence and last year was interested in bidding for control of private equity backed fashion retailer New Look.
Shares in Debenhams have almost halved since it refloated in 2005 and it has issued a string of profit warnings. It announced a strong Christmas period earlier this month, with like-for-likes up 2 per cent in the four weeks to January 5. It will focus on its Designers at Debenhams range to drive sales in the present challenging retail environment.
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