EUROPE - Baugur to collapse

Baugur once represented the financial power of Iceland, sweeping up many UK high street brands - often beating off buyout houses in auctions. Over the years Baugur acquired retailers Hamleys, House of Fraser, Karen Millen and Iceland, among others. The group has a debt pile of £1bn.

Should Landsbanki sell the underlying portfolio companies, private equity bidders may emerge, with Alchemy Partners reported to be a likely candidate.

Serious cracks were apparent in the Baugur empire last October, when the Icelandic banking system began its collapse. Many criticised Baugur for overpaying for deals by overloading them with debt.

Jon Asgeir Johannesson has been CEO of his family's company since 1998. In August 2005 he was charged for breaking Icelandic penal code for transactions related to Baugur.

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