Baugur, the Icelandic retail investor, faces another week of uncertainty as potential buyers circle assets including House of Fraser and Hamleys after its UK subsidiary was put into administration last week.

Sir Philip Green and Theo Paphitis, the Dragons’ Den judge, are likely to be interested in parts of the portfolio, while private equity groups including Bridgepoint, Alchemy, Sun Capital Partners and Permira have been linked as well.

Kevin Stanford, the cofounder of womenswear retailer Karen Millen, is thought to be considering making an offer to buy Baugur’s 35pc stake in fashion chain All Saints. Mr Stanford already owns a majority stake in the business.

Baugur is thought to have debts of more than £1.3bn, and has been breaching covenants for the past four months as it tried to renegotiate the terms of its loans.

Daily Telegraph