Baugur’s main creditor has moved to take control of its strongest assets, pre-empting an attempt by the failed Icelandic group’s executives in Reykjavik to secure a stay of execution.

PwC – for Landsbanki, which is owed £1bn by Baugur – was appointed fixed charge receiver over the group’s stakes in the Iceland supermarket chain, House of Fraser department stores, Hamleys toy shop and Aurum jewellery business.

;Not a single UK company has been put into administration as a result of this action,; said Landsbanki, emphasising a separate petition to put the Icelandic Baugur holding company into administration 'does not effect the status or performance of the operating companies'.

Financial Times