Baugur insurer withdraws cover

Hamleys owner, Baugur, has lost its credit cover from Coface.
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Insurer Coface has withdrawn cover for suppliers to several Baugur-backed retailers, says The Times.

Ian Hollyhomes, Coface credit insurance director, said: “We have reviewed parts of Baugur Group and have decided to withdraw or reduce cover in some instances.”

Baugur insists its portfolio of UK high street businesses is not threatened by the Icelandic banking crisis.

Baugur also has stakes in House of Fraser, Debenhams, Woolworths, Moss Bros and French Connection. The firm recently divested itself of any Icelandic assets, leaving its portfolio based mainly in the UK.

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