Nearly all of the London head office staff at the beleaguered retail investor Baugur will be made redundant today.

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Sources said that PricewaterhouseCoopers, the administrator to Baugur’s UK arm, will inform staff today at its head office. However, it is understood that Gunnar Sigurdsson, Baugur’s chief executive, Jon Asgeir Johannesson, its chairman, and Andrew Lobb, the director of legal and operations, will keep their jobs. Speculation is rife that Jeff Blue, the managing director of retail, might be one of those to be made redundant. Baugur declined to comment on Mr Blue or the overall redundancy process.

Last week, Landsbanki was granted its petition to appoint PwC as administrator for BG Holdings, Baugur’s UK arm that holds stakes in the toy retailer Hamleys, the department store House of Fraser, the frozen food retailer Iceland, and Aurum Holdings, which operates the retail jewellery chains Goldsmiths, Mappin & Webb, Watches of Switzerland and Mydiamonds.com. PwC was unavailable for comment.