The Baugur Group - the firm with stakes in Wyevale Garden centres and many popular high street names - has gone into administration.
The group has withdrawn from the 'moratorium process' in Iceland which it entered last week in an attempt to save its vast assets from creditors.

Baugur's board was left with little choice after, bank Landsbanki - who refused to help restructure the groups debts last week - went to London's High Court to demand the group be placed into administration in the UK on February 6.

The bank claims the decision will minimise any further jeopardy to the ongoing operations of Baugur's portfolio companies.

The group's chief executive, Gunnar Sigurdsson, said: "We are very disappointed with Landsbanki's decision as we believe we had sound restructuring proposals to maximise the recovery and value for all stakeholders of the group.

"In the interests of the portfolio companies, we have decided to not oppose the administration of BG Holding and will work with Landsbanki's resolution committee and provide all possible support to the businesses.

"The portfolio contains strong brands and excellent management teams, which are well-positioned to build on their strengths over the coming years."