Baugur’s UK business goes into administration

As expected, the UK arm of troubled Icelandic investor Baugur has gone into administration.
The move to appoint administrator PricewaterhouseCoopers to BG Holding was made by its chief creditor, the bank Landsbanki.

“We believe that the appointment of administrators over BG Holding is the best way of ensuring stability and continuity for the UK companies in which it has shareholdings,” Landsbanki said.

It stressed that there would be no urgency to sell those stakes in UK high street retailers.

“Our role is to maximise the long-term value of those assets and we will give our full support to the management teams of the operating companies concerned,” it said.

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