Baugur has vowed not to turn its back on the UK high street even after the Icelandic investment group saw the value of its investments in quoted retailers fall by more than £100m this year.

Stakes in Woolworths, French Connection, Moss Bros, Booker and Debenhams - which Baugur holds via its Unity Investments vehicle with financial affiliate FL Group and entrepreneur Kevin Stanford - which were worth almost £370m at their height are now valued at about £250m.