Kcaj, an Icelandic investment fund that part-owns a string of British retailers, could go into administration this week, prompting a fire-sale of its stakes in companies such as Jones the Bootmaker, Mountain Warehouse and Duchamp.

Two of Kcaj’s companies, Hardy Amies and Ghost, have fallen into administration in recent months after it refused to provide them with extra funding, while another – maternity chain Blooming Marvellous – is teetering on the brink.

Kcaj was set up by ex-Baugur director Jon Scheving Thorsteinsson and is majority-owned by the Icelandic fund Milestone. Kcaj and its partner vehicle, Arev, are named after the Jack and Vera Duckworth characters from Coronation Street.