It is the third business that has been acquired by Solomon and Endless after the acquisition, out of administration, of book retailer The Works Stores for £17 million in 2008, and JTF Wholesale in 2009.

Solomon will join TJ Hughes, which sells homeware products, furnishings and electrical goods, as executive chairman and will also take a stake in the business. The deal has been completed for an undisclosed amount.

The department store was originally purchased in an MBO led by chief executive George Foster and backed by Silverfleet Capital. The £55.8 million sale achieved an exit for retailers JJB Sports after an 18-month involvement with the company.

Solomon comments: ‘This is a tremendous opportunity, the business will be 100 years old next year and has fantastic customer loyalty. People like the business, however it’s only as good as the product and value that is on the shelves.’

TJ Hughes has 57 stores in the UK and employs 4,000 people.