House of Fraser’s Oxford Street store, which had been slated for closure, will stay open under Mike Ashley’s ownership.

The flagship store had been due to close in January following a far-reaching CVA by HoF’s former owner, Chinese conglomerate Sanpower, which would have seen 31 of 60 stores close and 6,000 jobs come under threat.

Sports Direct tycoon Ashley vowed to keep 80% of HoF stores open after acquiring the business out of administration earlier this month. He appointed property firm CBRE to advise him on the estate following the acquisition.

CBRE head of national agency James Keany said that both landlord and tenant “genuinely work[ed] together and at great speed…everyone was sensible about the terms of the transaction.”

The deal may disappoint Edinburgh Woollen Mill owner Philip Day, who is looking to do deals with landlords over premium HoF locations.

Sports Direct head of elevation Michael Murray said: “We said we would keep as many stores open as possible, and in less than a week we have saved the biggest store.

“Oxford Street was meant to close in January and now it’s safe, which is great news for all parties. Everyone must remember it was a bust business and we need landlords, councils and brands to pull together to save House of Fraser on the high street.”