As he surveys a UK retail landscape that he helped shape, Jón Ásgeir Jóhannesson sees plenty of space – even though things are getting expensive.

Chief executive of Baugur since 1998, Mr Jóhannesson is now looking to reinvest some of the fruits of his latest deal – the £350m refinancing of Iceland, the discount chain that shares a name with the investment group’s country of origin.