House of Fraser, Iceland and Hamleys’ holding company placed into administration- PwC called in
Tony Lomas and Zelf Hussain have been called in by the bankers of Baugur as administrators to the holding company for Hamleys, House of Fraser and Iceland.
Landsbanki decided to parachute in the pair after talks regarding a possible restructuring of the Icelandic retail giant’s £1bn of debt failed.
The nationalised bank said: ‘Landsbanki yesterday filed a petition to place BG Holding ehf into administration under English law, nominating Tony Lomas and Zelf Hussain of PricewaterhouseCoopers LLP to act as joint administrators …
Tony Lomas and Zelf Hussain have been called in by the bankers of Baugur as administrators to the holding company for Hamleys, House of Fraser and Iceland.
Landsbanki decided to parachute in the pair after talks regarding a possible restructuring of the Icelandic retail giant’s £1bn of debt failed.
The nationalised bank said: ‘Landsbanki yesterday filed a petition to place BG Holding ehf into administration under English law, nominating Tony Lomas and Zelf Hussain of PricewaterhouseCoopers LLP to act as joint administrators of BG Holding ehf.
‘The underlying assets of BG Holding ehf comprise a variety of shareholdings in Iceland Foods Group Limited, Highland Group Holdings Limited (House of Fraser), Corporal Limited (Hamleys of London) and Aurum Group. These companies are unaffected by the petition and continue under the control of their respective management teams.’
The decision was taken by Landsbanki’s Resolution Committee after discussions with the Baugur Group ‘did not produce any acceptable proposals, so we have taken steps to protect these valuable assets.’
‘We intend to work with management of the companies to maximise the long-term value for all stakeholders. This move is designed to preserve the stability and protect the value of the companies concerned,’ the Resolution committee added.
