Arnotts Department store has been bought by the Selfridges Group.

The Group announced this evening that it has bought the iconic Dublin store from Fitzwilliam Finance Partners.

The new owners say they plan to build on the Arnotts brand and unique identity.

The group already owns Brown Thomas and the Selfridges chain in the UK.

Mandate trade union have greeted the news with a cautious welcome.

“We’re looking forward to building a positive relationship with the Selfridges Group, as we have already done in other stores owned by the Weston family,” said John Douglas, Mandate General Secretary.

“Arnotts is an iconic Dublin brand and we want to ensure the business is protected and the jobs within the business remain secure. We have met with the company today to explore the future plans for Arnotts and to ensure the workers continue to have a strong voice in their workplace.

"We have received commitments of ongoing dialogue with the company and we will keep our members updated at all times,” Mr Douglas added.

Paul Kelly, Managing Director of Selfridges, said “Selfridges Group is delighted to be taking over the management of Arnotts department store. We have an excellent track record leading retailing in Ireland. Arnotts will benefit from our global retail experience and continual investment.

"Our priority will be to build on the legacy of this great Irish brand and we will look to enhance the customer experience while cherishing Arnotts unique heritage, which has been an essential part of Dublin’s retail landscape for over 170 years.”