However, stakes in a selection of the raft of British retailers are merely minority investments offering the possibility of some companies swimming safely to the shore providing banks continue their support.

Exact time lag of the collapse is uncertain whilst potential bidders circle retailers in a seemingly safe state including House of Fraser, Karen Millen and Principles. Private equity firms such as Alchemy and fashion billionaire Sir Philip Green are tipped as likely suspects. However stakes in assets including jewellery group Aurum are less appealing considering the impending British “depression” (in the words of our faithful PM) as demand for luxury goods takes a battering.

Baugur’s attempt to seek protection from its creditors following the failure of Icelandic bank Landsbanki over restructuring its £1million debt burden, has now applied for court protection from creditors in response to Landsbanki filing a petition to place British Asset owner, BG Holding into administration.

Baugur holds, 13.5% of department stores group Debenhams and 17.6% of fashion retailer French Connection either directly or via joint ventures. Companies under the Baugur umbrella provide employment for over 500,000 individuals and generating turnover of roughly £5.4billion.

An Icelandic court will either grant or dismiss Baugur’s request for protection from its creditors for at least three weeks on Friday whilst the British courts will confirm whether its UK business will go into administration shortly. However, even if protection is granted, assets will inevitably fall into the hands of its creditors leaving the decision of selling up quickly or holding on for a “happier” climate to gain maximum return.