Mike Ashley's high street empire is close to sealing the purchase of Gieves & Hawkes, one of the most prominent names in British tailoring, Sky News has reported.

Frasers Group is understood to be in advanced talks to buy the stricken brand, which was put up for sale earlier this year after its Hong Kong-based owner collapsed into liquidation.

Frasers, where Mr Ashley remains the majority shareholder but is no longer a director, has been contemplating an acquisition of Gieves & Hawkes since September, Sky News said.

Formed in its current guise in 1974, the histories of the Gieves and Hawkes tailoring labels date back to 1785 and 1771 respectively.

For centuries, Savile Row has been synonymous with high-quality men's formalwear. However, it has been through a tough period, with the pandemic's impact on working habits impacting demand for bespoke suits.

Gieves & Hawkes has held royal warrants for the late Her Majesty Queen Elizabeth II, as well as King Charles III and the Duke of Edinburgh.

It has dressed some of the most important figures in English history, including Sir Winston Churchill and Lord Nelson at the Battle of Trafalgar in 1805.

Based at 1 Savile Row, the brand has been part of Trinity Group - which is in turn owned by the collapsed Shandong Ruyi Technology Group - since 2012.

In recent years Frasers - previously known as Sports Direct International - has swallowed high street brands including Jack Wills, Evans Cycles and Agent Provocateur.

In June, it snapped up Missguided, the troubled online fashion retailer, in a £20m deal.