Retailer Frasers Group was said to be close to striking a deal to acquire Savile Row tailor Gieves & Hawkes after its Hong Kong-based owner collapsed into liquidation.
According to Sky, Frasers will look to buy the iconic tailor, which has held royal warrants for King Charles III, for an undisclosed price.
Frasers’ Mike Ashley was also said to have been contemplating an acquisition of Gieves & Hawkes since September.
As of 1010 GMT, Frasers shares were down 3.78% at 763.0p.
Reporting by Iain Gilbert at Sharecast.com