Icelandic retail predator Baugur is to relocate to the UK.

The move is the first step to becoming a limited company, and will see Baugur report in sterling for the first time, according to the Financial Times.

The move would also better reflect Baugur's asset base, of which more than three quarters of its investments are in the UK, reported the Daily Telegraph.

Baugur owns many leading retailers on the UK high street including frozen food chain Iceland and health food retailer Julian Graves. It has recently sold its stakes in wholesalers Booker and Woodward Foodservice to focus on retailing.