Frasers Group is reportedly in late stage talks to seal a deal for Gieves & Hawkes, a beleaguered tailor which previously dressed Sir Winston Churchill and Queen Elizabeth II.
Mike Ashley’s empire is swooping in for the Savile Row retailer after its Hong Kong-based owner fell into administration, Sky News first reported.
The popularity of working from home has weighed heavily on tailors in recent years.
It is not the first ailing retailer Frasers will have snapped up this year.
In June, Frasers – no longer run by Ashley – bought online fashion retailer Missguided for £20m.
The group had also mulled bringing ill homewares retailer Made.com under its wing just weeks ago.
In October, Frasers built up its stake in Asos during a share price tumble, taking its slice of the online outlet to five per cent.