BAUGUR: UK assets unaffected by Icelandic crisis

Hamleys Icelandic owner reassures UK trade over Iceland's financial crisis.
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Baugur, which has stakes in a string of British retailers, said this week that its businesses continued to perform well and had not been affected by turbulence in the Icelandic economy.

On Monday, Iceland nationalised its third-biggest bank Glitnir, the latest in a series of rescues in a global banking system, which has been crippled by a credit crunch.

"Baugur would like to state for clarity that its assets are based in the UK, Scandinavia and the United States and as such have no exposure to the Icelandic economy," the firm said in a statement.

On the same day Stodir, a 32 per cent shareholder in Glitnir, filed for administration, a form of creditor protection.

Baugur's related companies employ 53,000 people worldwide in over 3,700 stores with a total turnover of about £5 billion. The firm said in its statement that funding for its businesses was secure.

"The vast majority of this funding is through international banks with whom Baugur has a long working relationship," it said.

"As we have previously stated, we are focusing on large retail projects and will continue to operate based on that strategy as well as remain committed to working on our portfolio to continue to create value and growth.

"Our businesses continue to perform well in what are evidently tough market conditions," it added.

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