Retail tycoon Mike Ashley has retained his 11% stake in department store group House of Fraser, despite the sale of the majority of the business to a Chinese rival.

Chinese group Nanjing Cenbest took control of the company earlier this year and has offered to buy Mr Ashley’s stake but said that no agreement has been finalised.

The 11% stake does not give Mr Ashley a voice on the company’s board, but does give him access to the group’s financial details.

Yuan Yafei, chairman of Nanjing Cenbest's parent group, Sanpower, said: “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.”