British department store House of Fraser is being bought by Chinese conglomerate, Sanpower. It has agreed to a deal valuing the business at more than €545 million.

It is reported Sanpower could spend up to €96 million revamping stores and making improvements to the House of Fraser website.

It may also take the department store into China.

House of Fraser has 61 stores in Ireland and the UK - including outlets in Dublin and Belfast. It also has a store in the World Trade Center Mall in Abu Dhabi.

The retailer has annual sales of stg£1.2 billion (€1.45) with 7,300 House of Fraser staff and 12,000 concession staff.