Harrods is considering opening a luxury hotel on the roof of its iconic Knightsbridge store as part of a review of the business following its acquisition by the Qatari Royal family.

Harrods managing director Michael Ward said the potential hotel opening was one of several options being considered.

He said: “Are we looking at it? Yes. Have we considered it? Yes. It is something we would do? No plans have been put forward but it is one of them. There are a number of ideas of equal magnitude.”

According to sources, the plans for the hotel could also include the conversion of the store’s top floor into a restaurant.

The £1.5bn acquisition of Harrods by Qatar Holdings in May brought to a close the colourful 25-year reign at the business of the flamboyant tycoon Mohamed Al Fayed. He had said previously he would like to house his mausoleum on the roof of the store.

Harrods’ new owner appointed management consultancy firm Boston Consulting Group following the deal.

Ward said the review would not affect staff, and instead would evaluate the business’ branding, efficiencies and international opportunities.