A company controlled by Jón Ásgeir Jóhannesson, executive chairman of Baugur, has been raided by tax investigators, adding to the problems faced by the entrepreneur.

Stodir, previously called FL Group, which has co-invested alongside Baugur in companies including Debenhams, Moss Bros and French Connection, confirmed on Wednesday that officials took three years' accounts from the company's Reykjavik headquarters as part of an investigation.