Nanjing Cenbest, a subsidiary of Sanpower Group, has finally completed buying House of Fraser.

The Chinese department store operator has paid approximately £480 million ($790.3 million) to acquire 89 per cent of the British department store chain.

Don McCarthy, executive chairman of House of Fraser, said: “The acquisition by Nanjing Cenbest will move House of Fraser to the next stage of its development as a leading international, multichannel retail group with a premium fashion offering.”

The acquisition, according to Yuan Yafei, chairman of Sanpower Group, will see Cenbest bring international brands to China through House of Fraser, providing Chinese consumers with premium fashion products.

“We are extremely confident House of Fraser will become a leading global department store and will serve as a bridge for premium brands between China and Europe,” says Yafei.

West Coast Capital (Hofco), a subsidiary of the Sports Direct Group, owns the remaining 11 per cent in House of Fraser.