Listening to "wake up to money" on the radio while still in bed and half asleep this morning, I'm sure I heard one of the presenters describe the international banking system as being in a state that could best be described as "DEFCON 1". By mid-morning the news that Landsbanki has effectively gone bust and had been nationalised was spreading through the industry.

What will this mean for Wyndeham? If Landsbanki's predicament means that Wyndeham's access to working capital is frozen along with the accounts of hundreds of thousands of UK savers, then it's going to be mighty problematic. Suppliers and customers were jumpy enough before this morning's events.

I hope for the group's sake it can put a statement out soon that will provide some semblance of clarity on the situation, but I don't imagine that Wyndeham's management are finding it terribly easy to pin down the precise implications of this morning's momentous events. They are at the mercy of forces that are beyond their control. We're in uncharted waters here, and compared to the potential scale of the Icelandic financial meltdown this investment in a little UK printing group is, unfortunately, mere bagatelle.