View source for Baugur Group

{{Short description|Icelandic company founded in 1989}}
{{Infobox company
| name             = Baugur Group hf
| logo             = Baugur_Group_logo.svg
| type             = [[Private company|Private]]
| genre            = 
| fate             = [[Administration (law)|Administration]]
| predecessor      = 
| successor        = 
| foundation       = [[Reykjavík]], [[Iceland]] (1998)
| founder          = 
| defunct          = 
| location_city    = Reykjavík
| location_country = Iceland
| location         = 
| locations        = 
| area_served      = 
| key_people       = [[Jón Ásgeir Jóhannesson]], CEO
| industry         = Retailer, Real estate
| products         = Retailer, Investment company
| services         = 
| revenue          = 
| operating_income = 
| net_income       = 
| aum              = 
| assets           = 
| equity           = 
| owner            = 
| num_employees    = 
| parent           = 
| divisions        = 
| subsid           = 
| homepage         = {{url|http://www.baugur.is}}
| footnotes        = 
}}

'''Baugur Group''' ({{IPAc-en|ˈ|b|aʊ|ɡ|ər}}; [[Icelandic language|Icelandic:]] {{IPA|is|ˈpœyːɣʏr̥|}}) was an [[Iceland]]ic [[investment company]]. The group began as a supermarket and general retail company in Iceland, before diversifying to own a number of businesses at its peak, primarily in the [[United Kingdom]].

Baugur was heavily affected by the [[2008–11 Icelandic financial crisis|Icelandic financial crisis]] that began in 2008, and applied for bankruptcy protection in February 2009. Its largest creditor [[Landsbanki]] applied to place Baugur's UK arm, BG Holdings, into [[Administration (law)|administration]] that month.<ref>{{cite news|last1=Thompson|first1=James|title=Baugur admits defeat as UK arm falls into administration|url=https://www.independent.co.uk/news/business/news/baugur-admits-defeat-as-uk-arm-falls-into-administration-1570787.html|access-date=31 December 2014|work=The Independent|date=7 February 2009}}</ref> The group filed for bankruptcy in March 2009.<ref>{{cite news|last1=Hall|first1=James|title=Baugur files for bankruptcy|url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/4974937/Baugur-files-for-bankruptcy.html|access-date=31 December 2014|work=The Daily Telegraph|date=11 March 2009}}</ref>

== History ==
In 1989, the Baugur Group was started by the opening of a single 'Bónus' supermarket in [[Reykjavík]] by [[Jón Ásgeir Jóhannesson]] and his father, [[Jóhannes Jónsson]]. The company grew quickly and within three years was operating several supermarkets in Iceland. In 1992, [[Hagkaup]], the leading domestic retailer, acquired 50% of shares in Bonus. In 1993, they merged and formed a joint purchasing company named Baugur.

[[Hagkaup]] was established over 50 years ago and, as a retailing pioneer, opened both supermarkets and department stores in Iceland. Hagkaup and Bonus merged as Baugur in 1998 and [[Jón Ásgeir Jóhannesson]] became the company's President and CEO. Baugur was listed on [[Iceland Stock Exchange]] the same year.

In 1999, Baugur signed franchise agreements with the [[Arcadia Group]] and [[Debenhams]] for Scandinavia and today Hagar, (formerly Baugur-Iceland) runs several [[Topshop]] and Miss Selfridge stores in Iceland and Sweden as well as three Debenhams stores.

=== Baugur changes to Baugur Group ===
In 2002, proposals were approved concerning a change in the name of Baugur hf. to Baugur Group hf. and changes to the company's organizational structure.

Baugur hf. was divided into three independent profit centres: Baugur-Iceland, Bonus Stores Inc., and Baugur-ID. Baugur hf. changed its name to Baugur Group hf. and became a holding company.

=== Baugur Group delisted from ICEX ===
In May 2003, a redemption offer worth 10.85 Icelandic [[krónur]] ([[Pound sterling|£]]0.09) was made by Mundur, for the outstanding stock—Mundur holding company is backed by Gaumur, [[KB Banki]], an Icelandic investment bank; and two private investors—and in July 2003, Baugur Group was delisted from the [[Iceland Stock Exchange]].

The year 2003 was a milestone in Baugur Group's foreign operations. At the beginning of the year, Baugur Group held shares in a few listed companies in Britain, whereas, at the end of the year, it was the most internationally extensive Icelandic company.

Briefly, it can be said that Baugur Group's investment activities in Britain can be split into two categories. On one hand, Baugur Group continued to invest in listed companies that are regarded to have better futures, either because their current management is in the process of improving the company's operation, or because new shareholders are expected to step in to instigate improvement. Among the companies, which Baugur Group has invested in on these premises are the [[Big Food Group]], [[House of Fraser]], and [[Somerfield]].

On the other hand, Baugur Group has formed a strategy to take part in management takeovers. These companies control strong [[brand]] names and are considered to have substantial opportunities for growth, show a net profit, and management has shown and proven its ability to succeed. During the year 2003, Baugur Group acquired three such companies: [[Hamleys]], Oasis, and [[Julian Graves]].

In May 2004, Baugur Group, along with other investors, acquired the majority in the British jewellery chain [[Goldsmiths (store)|Goldsmiths]], in cooperation with the company's management, for the amount of ISK 14.4 billion.  Goldsmiths, which was established in [[Newcastle upon Tyne]] in the year 1778, operates 165 jewellery stores in Britain and is the second largest in the country in its sector.

In June 2004, the founders of [[Karen Millen]] agreed to sell the business to the Oasis Group (controlled by Baugur Group) in a deal valued at £120 million, creating a leading womenswear retailer with four strong brands—Oasis, Coast, Karen Millen, and Whistles; creating a group with over £350 million in sales in 550 stores.

Oasis is aimed at independent, fashion-conscious 18- to 30-year-old women and operates from 281 outlets across 14 countries, including the Republic of Ireland, the UK and France; Coast is a destination brand for women's special occasion clothes with 135 outlets; Karen Millen has a niche position away from the mass market, bordering on the designer brands; and Whistles has more-grown-up styling and quirkier taste than the rest of the high street.  Later, the Oasis Group changed its name to Mosaic, listed on the [[Iceland Stock Exchange|ICEX]].

=== Accounting irregularities ===
In 2002 Baugur's headquarters were the subject of a police raid.<ref name="IHT">{{Citation
  | title = Baugur boss loses court appeal
  | publisher = [[International Herald Tribune]]
  | date = 2008-06-07
  | url = http://www.iht.com/articles/reuters/2008/06/06/business/OUKBS-UK-ICELAND-BAUGUR.php}}</ref>  In July 2005 company founders [[Jón Ásgeir Jóhannesson]] and  [[Jóhannes Jónsson]] were charged on 40 counts {{Citation needed|date=February 2009}} including tax and accounting irregularities, [[fraud]] and [[embezzlement]].<ref name="BBCUKSwitch">{{Citation
  | title = Baugur investigates switch to UK
  | publisher = [[BBC News]]
  | date = 2008-07-04
  | url = https://news.bbc.co.uk/2/hi/business/7489736.stm}}</ref>  Jón Ásgeir Jóhannesson has accused the then prime minister, [[Davíð Oddsson]] of orchestrating a vendetta against him.{{Citation needed|date=February 2009}} The case became known in Icelandic as the 'Baugsmálið' ('Baugur case').

On 3 May 2007, Jón Ásgeir was found guilty on a single charge of a breach of book-keeping rules, with the conviction being upheld on appeal on 6 June 2008.<ref name="IHT" /><ref>{{Citation
  | title = Baugur CEO and former assistant director found guilty
  | publisher = [[Iceland Review]]
  | date = 2007-05-04
  | url = http://www.icelandreview.com/icelandreview/search/news/Default.asp?ew_0_a_id=280573
  | access-date = 2009-02-04
  | archive-date = 2012-02-17
  | archive-url = https://web.archive.org/web/20120217172217/http://www.icelandreview.com/icelandreview/search/news/Default.asp?ew_0_a_id=280573
  | url-status = dead
  }}</ref>  Jón Ásgeir was given a 3-month [[suspended sentence|suspended prison sentence]].  It also left his position as chairman uncertain under Icelandic law because the conviction meant that he could not serve on any company board for 3 years.<ref name="IHT" />  As a consequence of this, and the fact that much of Baugur's portfolio was now based in the UK, in July 2008 Baugur considered relocating to the UK, where Jón Ásgeir could keep his board position.<ref name="BBCUKSwitch" /><ref>{{Citation
  | title = Baugur Plans to Relocate to U.K. After Iceland Exit
  | publisher = [[Bloomberg L.P.|Bloomberg]]
  | date = 2008-07-04
  | url = https://www.bloomberg.com/apps/news?pid=20601085&sid=aFloN8beKols&refer=europe}}</ref>

=== Demise and collapse ===
{{see also|2008–11 Icelandic financial crisis}}
It emerged in October 2008  that [[BDO Stoy Hayward]] was advising Baugur on restructuring and that [[Philip Green]], the owner of [[British Home Stores|Bhs]] and the [[Arcadia Group]] had travelled to Iceland for negotiations regarding him making an investment in Baugur, amid reports the group was on the brink of collapse<ref>{{Citation
  | title = Philip Green steps in to save Baugur
  | work=[[The Guardian]]
  | date = 2008-10-12
  | url = https://www.theguardian.com/business/2008/oct/12/philip-green-baugur
| location=London
| first=Zoe
| last=Wood
| access-date=2010-04-26}}</ref><ref>{{Citation
  | title = Baugur in talks with restructuring experts
  | work=[[The Daily Telegraph]]
  | date = 2008-10-14
  | url = https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/3191592/Baugur-in-talks-with-restructuring-experts.html
| location=London
| first=Richard
| last=Fletcher
| access-date=2010-04-26}}</ref>

On 4 February 2009, Baugur applied for protection from its creditors after restructuring negotiations with [[Landsbanki]] broke down.  The bank also applied for Baugur's UK arm to be put into [[administration (law)|administration]].<ref>{{cite news |url=https://news.bbc.co.uk/2/hi/business/7869342.stm |title=Hamleys investor seeks protection |publisher=[[BBC News]] |date=2009-02-04 |access-date=2009-02-04| archive-url= https://web.archive.org/web/20090205184744/http://news.bbc.co.uk/1/hi/business/7869342.stm| archive-date= 5 February 2009 | url-status= live}}</ref>

== Ownership and links to Russia ==
In December 2002 ''Gaumur Holding'' acquired a 30.97% stake in Baugur Group.<ref>{{Cite web |url=http://www.landsbanki.is/english/markets/omxinews/?NewsID=20074&p=414 |title=Fjárfestingarfélagid Gaumur ehf. discloses holding in Baugur Group hf. |access-date=2010-04-07 |archive-url=https://web.archive.org/web/20110727014407/http://www.landsbanki.is/english/markets/omxinews/?NewsID=20074&p=414 |archive-date=2011-07-27 |url-status=dead }}</ref>

Luxembourg-registered Gaumur Holding was originally ''Compagnie Financiere pour l'Atlantique du Nord''. The company was registered on 22 June 1998. In March 2000 changed its name to ''Gaumur Holding''.<ref name="icelandiclinks">{{cite news |url=http://www.newsru.com/finance/21oct2008/iceland_print.html |title=Россия желает спасать Исландию из-за давних офшорных связей чиновников и бизнесменов |date=2008-10-21 |publisher=The New Times }}. Another copy: {{cite news |url=http://www.rususa.com/news/news.asp-nid-37073-catid-8 |title=Зачем Россия спасает Исландию |date=2008-10-21 |publisher=Rususa |url-status=dead |archiveurl=https://web.archive.org/web/20110715215806/http://www.rususa.com/news/news.asp-nid-37073-catid-8 |archivedate=2011-07-15 }}. An automatic translation: {{cite web |url=http://eyjan.is/blog/2008/10/20/umfjollun-um-tengsl-islendinga-og-russa-ur-russnesku-dagbladi |title=Discussion of the relationship between Iceland and Russia from the Russian newspaper. |access-date=2010-04-07 |archive-url=https://web.archive.org/web/20081023102006/http://eyjan.is/blog/2008/10/20/umfjollun-um-tengsl-islendinga-og-russa-ur-russnesku-dagbladi/ |archive-date=2008-10-23 |url-status=dead }}</ref>

Official records show that Gaumur Group had three shareholders:<ref>[http://www.etat.lu/memorial/memorial/1999/C/Pdf/c2052503.pdf C - N° 205 / 25 mars 1999]. Government of Luxembourg</ref>
* ''Starbook International Limited'' (P.O. Box 3186 Road Town, Tortola, British Virgin Islands)
* ''Waverton Group Limited'' (P.O. Box 3186 Road Town, Tortola, British Virgin Islands)
* ''Birefield Holdings Limited'' (P.O. Box 3186 Road Town, Tortola, British Virgin Islands)

In 2005 Danish media reported that behind Starbook, Waverton and Birefield is [[Shapburg Limited]] (registered in the same mailbox 3186) and [[Quenon Investments Limited]] (registered in the same mailbox 3186). It was discovered that:
* Both companies owned a stake in Baugur Group.<ref name="icelandiclinks"/>
* Both companies owned a stake in the Luxembourg-registered ''Compagnie Financiere Scandinave''. A month after incorporation it was renamed the ''Scandinavian Holding'' and later ''[[Exista|Meidur S.A.]]'' (later Exista).<ref name="icelandiclinks"/>
* Both companies owned a stake in ''Alrosa Finance'' in Luxembourg. Another shareholder was Russian state-owned diamond company [[ALROSA]].<ref name="icelandiclinks"/>
* Shapburg Limited owned a stake in ''Alfa Finance Holdings''. Another shareholder was [[Alfa-Bank]] of Russia.<ref name="icelandiclinks"/>

Icelandic businessmen [[Björgólfur Thor Björgólfsson]], [[Björgólfur Guðmundsson]] and [[Magnús Þorsteinsson]] all came to London from Saint Petersburg, Russia where they did business in the beverage sector together.<ref name="icelandiclinks"/>

== Former assets ==
<!--
The following are not mentioned on Baugur's website.  As they match other non-retail assets sold it is highly likely they have been sold but cant find refs
* Stoðir ''asset management'' (49.6%)
* Húsasmiðjan ''home improvement store'' (45%)
* Tæknival ''IT company''
* SMS ''supermarket'', [[Faroe Islands]]
* Kaldbakur ''investment company'' (24.76%)
* [[Smáralind]] ''shopping mall'' (20%)
* Runs [[Allianz]] in Iceland.
* [[Dagsbrún]]
* Keops ''Real estate''(30%)
* D'Angleterre  ''Hotel'' -->
* [[365 (media corporation)|365]] - sold April 2008<ref name="Bau0804">{{Citation | title = Baugur completes restructuring as a pure Retail investor and builds new investment pool | publisher = Baugur
  | date = 2008-04-08 | url = http://www.baugur.com/Pages/407?NewsID=1318 | access-date = 2008-12-27 | archiveurl= https://web.archive.org/web/20090210015129/http://www.baugur.com/Pages/407?NewsID=1318| archivedate= 10 February 2009 | url-status= live}}</ref>
* [[Arcticgroup]]
* [[Aurum (Retail Group)|Aurum]]<ref name="zero">{{Citation | title = From hero to size zero: the Baugur crisis | work=The Guardian | date = 2008-10-12 | url = https://www.theguardian.com/business/2008/oct/12/iceland-baugur-philip-green | access-date = 2008-12-27| location=London| first=Zoe| last=Wood}}</ref>
** [[Goldsmiths (store)|Goldsmiths]]
** [[Mappin & Webb]]
** [[Watches of Switzerland]]
* [[Booker Group]]  - sold June 2008.<ref>{{Citation | title = Baugur sells Booker stake as part of focus on retail | publisher = [[Retail Week]] | date = 2008-06-24  | url = http://www.retail-week.com/Food/2008/06/baugur_sells_booker_stake_as_part_of_focus_on_retail.html  | access-date = 2008-12-27 | archiveurl= https://web.archive.org/web/20090209225935/http://www.retail-week.com/Food/2008/06/baugur_sells_booker_stake_as_part_of_focus_on_retail.html| archivedate= 9 February 2009 | url-status= live}}</ref>
* [[Scandinavian Design & Retail]]
* [[Steinunn]]
* [[Matthew Williamson]]
* [[Day Birger et Mikkelsen]]
* [[Souk (Department Store)|Souk]]
* [[eCommera]]
* [[Saks Incorporated|Saks]]
* [[French Connection (clothing)|French Connection]]
* [[Iceland (supermarket)|Iceland]] supermarket<ref name="HoF"/>
* [[Wyevale Garden Centres]]<ref name="HoF"/>
* [[Hamleys]]<ref name="zero"/>
* [[Magasin du Nord]] ''department store'' (83% with [[Straumur Investment Bank]] and B2B Holdings)
* [[Visual Communications Group]]
* [[Illum]] ''department store''
* [[Jane Norman]]  - bought 29 July 2007 for £117m; filed for bankruptcy administration 27 June 2011<ref>{{cite news|url=http://news.sky.com/story/864099/jane-norman-is-latest-high-street-casualty|title=Jane Norman Is Latest High Street Casualty|date=27 June 2011|publisher=[[Sky News]]}}</ref><ref>{{cite news|title = Baugur buys Jane Norman for £117m|newspaper=[[The Independent]]|date = 2007-07-30|url=https://www.independent.co.uk/news/business/news/baugur-buys-jane-norman-for-163117m-500784.html|access-date = 2008-12-27| location=London| first=Susie| last=Mesure| archiveurl= https://web.archive.org/web/20090209014525/http://www.independent.co.uk/news/business/news/baugur-buys-jane-norman-for-163117m-500784.html| archivedate= 9 February 2009 | url-status= dead}}</ref>
* [[Julian Graves]] - sold to [[Holland & Barrett]] in September 2008.<ref>{{Citation | title = Holland & Barrett buys Julian Graves | publisher = [[Retail Week]] | date = 2008-09-17  | url = http://www.retail-week.com/Food/2008/09/holland__barrett_buys_julian_graves.html | access-date = 2008-12-27 }}</ref>
* [[All Saints (Retailer)|All Saints]]
* [[Debenhams]] (13%)<ref name="zero"/>
* [[Hagar (company)|Hagar]] - sold back to Johannesson family in July 2008.<ref>{{Citation | title = Baugur to relocate to the UK with Jon Asgeir Johannesson at the helm | work=The Daily Telegraph
  | date = 2008-07-04 | url = https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/2792734/Baugur-to-relocate-to-the-UK-with-Jon-Asgeir-Johannesson-at-the-helm.html | access-date = 2008-12-27| location=London| first=James| last=Hall}}</ref>
* [[House of Fraser]] - (35%)<ref name="HoF">{{Citation | title = House of Fraser says it would buy Baugur stake | work=The Guardian | date = 2008-10-17 | url = https://www.theguardian.com/business/2008/oct/17/retail | access-date = 2008-12-27| location=London| first=Julia| last=Finch}}</ref>
* [[FL Group]] - sold April 2008<ref name="Bau0804" />
* [[Hjálmur]] - sold April 2008<ref name="Bau0804" />
* Humac - sold April 2008<ref name="Bau0804" />
* [[Merlin (Electrical retailer)|Merlin]] - sold to [[Árdegi]] in June 2007.<ref>{{Citation | title = Icelandic company Árdegi hf buys Baugur Group shares in Merlin | publisher = Baugur
  | date = 2007-06-28 | url = http://www.baugur.com/Pages/407?NewsID=1058 | access-date = 2008-12-27 | archiveurl= https://web.archive.org/web/20090210015111/http://www.baugur.com/Pages/407?NewsID=1058| archivedate= 10 February 2009 | url-status= live}}</ref>
* [[MK One]] - sold to restructuring specialist [[Hilco (restructuring specialist)|Hilco]] in May 2008.<ref>{{Citation | title = Invoice worries as MK One is sold | publisher = [[BBC News]] | date = 2008-05-02
  | url = https://news.bbc.co.uk/2/hi/business/7380709.stm | access-date = 2008-12-27| first=Joe| last=Lynam| archive-url= https://web.archive.org/web/20080505060118/http://news.bbc.co.uk/1/hi/business/7380709.stm| archive-date=May 5, 2008| url-status= live}}</ref>
* [[Moss Bros]] - Baugur sold its 28.5% shareholding sold to [[Arcadia Group]] in November 2008<ref>{{Citation | title = Philip Green pays £6.7m for Baugur's stake in Moss Bros | work=The Guardian | date = 2008-11-13 | url = https://www.theguardian.com/business/2008/nov/13/arcadia-philip-green-moss-bross | access-date = 2008-12-27| location=London| first=Julia| last=Kollewe| archiveurl= https://web.archive.org/web/20090122104937/http://www.guardian.co.uk/business/2008/nov/13/arcadia-philip-green-moss-bross| archivedate= 22 January 2009 | url-status= live}}</ref>
* [[Mosaic Fashions]] (49%) <ref name="HoF" /> (entered administration on 2 March 2009)<ref>{{cite news |url=https://news.bbc.co.uk/2/hi/business/7919647.stm |title=Mosaic firms into administration |publisher=BBC News |date=2009-03-02 |access-date=2009-03-02| archive-url= https://web.archive.org/web/20090303161642/http://news.bbc.co.uk/1/hi/business/7919647.stm| archive-date= 3 March 2009 | url-status= live}}</ref>
* [[Newsedge]] - sold April 2008<ref name="Bau0804"/>
* Saga Film - sold April 2008 <ref name="Bau0804" />
* [[Somerfield]] (3%) - [[The Co-operative Group]] bought the entire Somerfield chain in July 2008.<ref>{{Citation | title = Co-op buys Somerfield for £1.57bn | publisher = [[BBC News]]
  | date = 2008-07-16 | url = https://news.bbc.co.uk/2/hi/business/7508982.stm | access-date = 2008-12-27 | archive-url= https://web.archive.org/web/20090122213946/http://news.bbc.co.uk/1/hi/business/7508982.stm| archive-date= 22 January 2009 | url-status= live}}</ref>  Baugur made an unsuccessful attempt to buy Somerfield in 2005<ref>{{Citation | title = Baugur pulls out of Somerfield bidding | publisher = [[The Scotsman]] | date = 2005-07-04 | url = http://business.scotsman.com/business/Baugur-pulls-out-of-Somerfield.2640318.jp | access-date = 2008-12-27 | archiveurl= https://web.archive.org/web/20090209041222/http://business.scotsman.com/business/Baugur-pulls-out-of-Somerfield.2640318.jp| archivedate= 9 February 2009 | url-status= live}}</ref>
* [[Teymi]] - sold April 2008<ref name="Bau0804" />
* [[Woolworths Group plc]] (12.4%).<ref>{{Citation | title = Baugur: the iceman cometh... | work=The Independent | date = 2008-08-19 | url = https://www.independent.co.uk/news/business/analysis-and-features/baugur-the-iceman-cometh-901900.html | access-date = 2008-12-27| location=London| first=James
| last=Thompson| archiveurl= https://web.archive.org/web/20081203152333/http://www.independent.co.uk/news/business/analysis-and-features/baugur-the-iceman-cometh-901900.html| archivedate= 3 December 2008 | url-status= live}}</ref>  Share trading suspended 26 November 2008,<ref>{{Citation  | title = Woolworths shares are suspended  | publisher = [[BBC News]]
  | date = 2008-11-26  | url = https://news.bbc.co.uk/1/hi/business/7749530.stm  | access-date = 2008-12-27 | archive-url= https://web.archive.org/web/20081225090351/http://news.bbc.co.uk/1/hi/business/7749530.stm| archive-date= 25 December 2008 | url-status= live}}</ref> with retail chain Woolworths and distribution arm Entertainment UK being placed into [[Administration (insolvency)|administration]].<ref>{{Citation | title = Brown pledges Woolworths support | publisher = [[BBC News]]
  | date = 2008-11-27 | url = https://news.bbc.co.uk/2/hi/business/7751714.stm | access-date = 2008-12-27 | archive-url= https://web.archive.org/web/20081218094420/http://news.bbc.co.uk/1/hi/business/7751714.stm| archive-date= 18 December 2008 | url-status= live}}</ref>
* [[Whistles (company)|Whistles]] - Sold to [[Jane Shepherdson]] in January 2008<ref>{{Citation | title = Shepherdson completes Whistles MBI | publisher = [[Drapers (magazine)|Drapers]] | date = 2008-01-28 | url = http://www.drapersonline.com/news/2008/01/shepherdson_buys_whistles.html | access-date = 2008-12-27 }}</ref>
* [[Whittard of Chelsea]] - Placed into [[Administration (insolvency)|administration]] on 23 December 2008, and subsequently sold to [[EPIC private equity]].<ref>{{Citation | title = Whittard sold to private equity | publisher = [[BBC News]] | date = 2008-12-23 | url = https://news.bbc.co.uk/2/hi/business/7796751.stm | access-date = 2008-12-27 | archive-url= https://web.archive.org/web/20081226022354/http://news.bbc.co.uk/1/hi/business/7796751.stm| archive-date= 26 December 2008 | url-status= live}}</ref>
* Woodward Foodservice - Sold to [[Brake Bros Ltd]] in August 2008<ref>{{Citation | title = Brakes closes two Woodward depots | publisher = [[The Grocer]] | date = 2008-11-22 | url = http://www.thegrocer.co.uk/articles.aspx?page=articles&ID=195297 | access-date = 2008-12-27 }}</ref>
* Wyndeham Press Group -  Sold to Walstead Investments Limited in December 2008.<ref>{{Citation
 |title=Walstead Investments buys UK printing business Wyndeham 
 |publisher=AltAssets 
 |date=2008-12-09 
 |url=http://www.altassets.com/private-equity-news/article/nz14825.html
 |access-date=2008-12-27 
}}{{dead link|date=October 2016 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

== Board of directors ==
* Hans Christian Hustad
* Hreinn Loftsson ([[Chairman]])
* Gudrún Pétursdóttir (Alternate Board Member)
* Kristín Jóhannesdóttir
* Þórður Bogason (Secretary of the Board)
* [[Ingibjörg Stefanía Pálmadóttir]]
* Jóhannes Jónsson
* Einar Thór Sverrisson - Alternate Board Member

== References ==
{{reflist}}

== External links ==
{{Portal|Banks}}
* [https://web.archive.org/web/20061205063555/http://baugurgroup.is/ Baugur's home page] {{in lang|is|en}}
* [http://ekstrabladet.dk/nyheder/samfund/article242540.ece ''Ekstrabladet'' article on Russian connections]{{dead link|date=October 2016 |bot=InternetArchiveBot |fix-attempted=yes }}
* [https://www.ft.com/content/406731f4-ef44-11d9-8b10-00000e2511c8 ''Financial Times'' article about the legal battle in Iceland]
*[http://icelandreview.com/icelandreview/daily_news/?ew_news_onlyarea=content1&ew_news_onlyposition=0&cat_id=16567&ew_0_a_id=143718 Iceland Review on Baugur] {{Webarchive|url=https://web.archive.org/web/20070328161459/http://icelandreview.com/icelandreview/daily_news/?ew_news_onlyarea=content1&ew_news_onlyposition=0&cat_id=16567&ew_0_a_id=143718 |date=2007-03-28 }}

[[Category:Financial services companies of Iceland]]
[[Category:House of Fraser]]
[[Category:Financial services companies established in 1998]]
[[Category:1998 establishments in Iceland]]