Harvey Nichols, the luxury department store best known for its flagship Knightsbridge location and starring role in popular TV series Absolutely Fabulous, has been bought in a pre-pack deal believed to be worth £40m including all six stores in the UK and Ireland.

The retailer is known for its stylish shops selling the latest designer fashion, high end cosmetics and perfume departments, and their upmarket in-store restaurants and eateries.

Frasers Group, owned by Sports Direct owner Mike Ashley, confirmed the pre-pack deal to shareholders, stating: ‘The sale was implemented following the appointment of FTI Consulting LLP as administrators.’

Frasers has bought all six UK Harvey Nichols stores from Hong Kong businessman Sir Dickson Poon, who is director of the private parent company Broad Gain (UK) Limited behind the company.