The 195-year-old department store will join Frasers' stable of brands, including Sports Direct, Flannels, House of Fraser and Evans Cycles.

Mike Ashley's first swing at Britain's luxury market didn't go well in 2002 when he bought Britain's upmarket sports emporium Lillywhite's.

Mike Ashley’s Frasers Group has struck a deal to acquire struggling luxury department store Harvey Nichols.