The future has been looking bleak for House of Fraser for some time now, but it has just been announced that Mike Ashley of Sports Direct has bought the department store chain.

Just this morning, it looked as if the company was going into administration. But in a statement to the London Stock Exchange, Sports Direct said it had acquired all of the UK stores, brand and stock of House of Fraser for £90 million in cash, as reported by Sky. Mr Ashley already owned an 11 per cent stake in House of Fraser.

Although it's not yet clear what this means for the 31 House of Fraser stores, including the Cirencester branch , earmarked for closure, this is very good news for Cheltenham's iconic Cavendish House. The store opened in 1823 and is synonymous with shopping in Cheltenham. It has been part of House of Fraser since 1997.

Details of Mr Ashley's plans for House of Fraser, including how many of the 17,500 people who work for the company and its concession operators will keep their jobs, have not yet been released. In the meantime, one of Sports Direct stores in Cheltenham has recently closed.

Punchline said: "This is great news for House of Fraser and Cavendish House. Mike Ashley is a controversial figure and may not be everyone's cup of tea. But we know he has a nose for business and things are now looking a lot brighter for Cavendish House and its staff. If anyone can turn round a business like House of Fraser, it's Mike Ashley."

What do you think? Email mark@moosemarketingandpr.co.uk