Mike Ashley's Sports Direct International has acquired the business and assets of House of Fraser for a cash consideration of £90m. The deal includes all of the retailer's UK stores, brand and stock.

Mike Ashley has held an 11% share in the business since 2014. In an interview with the Sun newspaper, Mike Ashley promised that he would keep 80% of the retailer's 59 stores open, and place more of a focus on luxury brands.

House of Fraser was placed into administration on Friday morning after discussions with interested investors and its main secured creditors failed to conclude in a solvent solution.

In May this year, House of Fraser revealed plans to restructure through CVAs alongside new capital from C.banner, but falling share prices, coupled with a legal challenge to the CVA from landlords, disrupted the plan, prompting the would-be investor to withdraw its offer.