Baugur, the Icelandic group, was seeking Thursday night to clarify the status of its interests in large chunks of the high street following the collapse of the Icelandic banking system, reports the FT. Unity Investments, a vehicle part owned by Baugur, holds a series of stakes in Woolworths, French Connection, Moss Bros and Debenhams through contracts for difference - derivatives that provide an investor with exposure to underlying shares. Those CFDs were arranged by Icelandic banks that have now been nationalised. Some UK operations of Kaupthing and Landsbanki have been put into administration. The fate of those positions was unclear amid the rapid unravelling of Iceland’s banks. Meanwhile, the Telegraph reports that Sir Alan Sugar, millionaire founder of Amstrad computers, has acquired a near-4% stake in Woolworths, the troubled retailer. Shares in Woolworths have fallen more than 80% over the past 12 months, although tclosed up 5% Thursday at 3.14p.
