Harrods department store 'sold' for £1.5bn

World-famous department store Harrods has been sold, it was reported today.

It has been sold by Mohamed al Fayed for £1.5bn (€1.74bn) to a buyer understood to be the Qatari royal family, broadcasters reported.

Sky News’s city editor Mark Kleinman said Ken Costa, the chairman of Lazard International, the investment bank advising the family trust on the deal, had just confirmed the sale to him, though he declined to comment on the identity of the purchaser.

There was no immediate word from Harrods to confirm the reported sale.