Baugur leads raid on House of Fraser

Icelandic group Baugur was today unmasked as the investor behind the dawn raid on House of Fraser which sent shares in the department store group soaring to an eight-year high.

Fraser today confirmed that Baugur had bought a 9.48% stake in the company yesterday for around £29m (€41.6m) – just weeks after talks between the shop and private equity firm Apax collapsed.