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Philip Green keen to buy up Icelandic debt on the cheap

Is Philip Green on the verge of taking over the UK high street with a bid for the discounted debt of fallen Icelandic giant Baugur?

Many people may not be directly aware of Baugur but it is an Icelandic group which has literally taken over great areas of the UK high street using debt from Icelandic banks. Now that the banking system has collapsed and loans are being called in it looks as though Philip Green may have found the perfect time to pounce.

The group is said to owe upwards of £1 billion to banks and Philip Green is set to take this debt on himself, something which will give him affective control of the Baugur group. This is a group which includes Karen Millen, House of Fraser and Hamley's toy store to name but a few. While no figures have been mentioned as yet it seems as though the likes of Baugur and the Icelandic government might be willing to give away the debt for a 'song'.

Philip Green is the man who has tried twice and failed to takeover UK giant Marks and Spencer although he does own the likes of Top Shop and Bhs. What next for the retail giant?

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