Jón Ásgeir Jóhannesson, whose investment vehicle Baugur once controlled stakes in House of Fraser, Karen Millen and French Connection until Iceland’s banking disaster of 2008, may return to the high street after being acquitted of any wrongdoing in a financial legal row.

Mr Jóhannesson, whose investments also included stakes in Hamley’s, Sports Direct and Marks & Spencer, said: “With the case behind me, I now look forward to rebuilding my career as an investor in great retail businesses.”

He has already invested in Muddy boots, a UK burger and meatloaf company, and more investments in retail businesses soon.