By Sonya Dowsett and Sarah Morris

BARCELONA (Reuters) - Icelandic investor Baugur Group will focus on building stakes in listed companies in the United States and Britain with its 1.5 billion pound war chest, its executive chairman said on Wednesday.

Baugur, which has bought into UK high street names spanning fashion label Karen Millen to tea stores Whittard of Chelsea, is not looking at buying distressed U.S. retailers, Jon Asgeir Johannesson said on the sidelines of the World Retail Congress.

It is content with its stake in U.S. department store Saks (SKS.N: Quote, Profile, Research) of about 8 percent and does not intend to make a takeover bid, Johannesson said.

"We are quite happy with our stake in Saks going forward," he said. When asked if he would consider a full takeover he said: "No, it's a good asset."

Baugur, whose other investments include toy retailer Hamleys and UK department stores House of Fraser and Debenhams, has recently turned into a pure retail investor with the sale of its media, technology and financial interests.

Johannesson said the firm would likely make a definite bid for Moss Bros (MOSB.L: Quote, Profile, Research) at the end of April. He said Baugur had been approached about selling its stake, but that he was only interested in selling at the right price.

"We are currently in the mood to buy the business, not to sell," he said.

Shares in Moss Bros moved into positive territory after the comments, closing 1 percent up at 49.75 pence having been down 1.5 percent, and have traded above Baugur's February indicative price of 42 pence on speculation a rival bidder would emerge.