Macfarlanes is among a group of firms in line to benefit as potential bidders emerge for the assets of troubled Icelandic investor Baugur.

The firm is advising regular private equity client Alchemy Partners, which is understood to have held talks with Mosaic Fashions, one of Baugur's major British investments.

Corporate partners Ian Martin and Simon Perry are leading the Macfarlanes' team advising Alchemy.