Retail tycoon Sir Philip Green faces competition from leading private equity groups for control of embattled Icelandic investor Baugur’s UK retail operations.
Alchemy, Permira and TPG are understood to be among those which have been in contact with the Icelandic government about buying up to£2 billion of Baugur debt following last week’s collapse of the Icelandic financial system.
Green, whose Arcadia high street empire includes fascias such as Topshop, Burton and Dorothy Perkins, flew to Iceland last week with hopes of doing a deal quickly to take stakes in or control of Baugur’s retail businesses.
Baugur-backed UK retailers include House of Fraser, Oasis and Hamleys, and the investor has stakes in public companies such as Debenhams, French Connection and Woolworths.
Yesterday, Baugur denied speculation that it was preparing to draft in BDO Stoy Hayward as administrator.
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