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Baugur boss looks for 35m

Baugur boss Jon Asgeir Johannesson has been ordered to raise £35m to secure the future of the remains of his business empire. The tycoon, whose investment firm bought up half the UK high street before it collapsed last year, is battling to keep control of his Icelandic retailer Hagar. Kaupthing, the bank which leant him the money to take the group out of Baugur, is demanding that he puts more equity against the loan.