After weeks of speculation which has seen closure for some of its namesakes a decision has been reached on the future of the House of Fraser store in Cheltenham.

In August it was announced that Mike Ashley's Sports Direct business has bought the beleaguered retail chain from administrators for £90 million, promising to turn it into 'the Harrods of the high street'.

Until he stepped in there were plans in place to close 31 of House of Fraser's 59 stores.

Then followed a speedy round of negotiations and decision making which saw agreements reached with landlords to reduce rents on at least 20 stores - saving them from closure and safeguarding an estimated 3,500 jobs.

Two months later, in October, Mr Ashley had dismissed the former directors and senior management of House of Fraser.

All through the saga the future of Cavendish House, a kingpin of Cheltenham's retail offering for as long as many can remember, remained in question.

But now Canada Life Investments, the owners of the building, has announced it has reached agreement with House of Fraser "to facilitate the ongoing trading of Cavendish House, the iconic 195-year old department store in Cheltenham's Promenade".

Mike Roberts, head of UK property at Canada Life Investments, said: "We are pleased to continue our relationship with House of Fraser in Cheltenham and wish them every success through the important Christmas trading period."

Kevan Blackadder, who heads up the town centre business group Cheltenham BID, said: This is great news for the staff at House of Fraser and for Cheltenham as a whole.

"It means Cheltenham is in a very strong position with this important store continuing to trade at the same time as we have John Lewis and Urban Outfitters opening in the town."

According to commentators House of Fraser had too many stores and been slow to adapt to the new age of online retailing.