The Sport Direct boss is one of two remaining bidders for the struggling jewellery chain according to Sky News.

Sources told Sky News that Ashley’s bid for the jewellery retailer is part of his ongoing transformation to turn House of Fraser – which he bought out of administration in 2018- into the “Harrods of the high street”.

It was reported at the beginning of the month that vulture fund and Homebase owner Hilco was eyeing up the jewellery retailer. Hilco specialises in acquiring struggling retailers and recently bought Bathstore out of administration.