Mike Ashley's Sports Direct has struck a deal to rescue House of Fraser out of administration for £90 million (€100m), raising hopes for the future of thousands of staff.

House of Fraser stores in Dublin and Belfast have escaped the cull that will see 31 of the department chain’s outlets close in Britain with the loss of 6,000 jobs — the latest wound in the UK high street crisis that has seen consumers turn away from traditional shopping.

Chinese company Sanpower Group has announced that it has created a pathway for premium Chinese brands to enter the global market through House of Fraser.