The group, which owns a stable of high street businesses including Sports Direct, House of Fraser, USC and Jack Wills, said it had agreed to pay “an immaterial amount” to the Belgian tax authority.

It comes nine months after the business was rocked by the tax demand, which forced it to delay the publication of its financial results.

Frasers Group said it had now “successfully resolved” the matter – “together with a number of other historic tax matters” – by reaching a commercial settlement with the Belgian tax authority.