Harrods Store Sold

The department store Harrods has been sold for a fee of around £1.5bn, the BBC can confirm.

Owner Mohammed Al Fayed has agreed to sell the exclusive west London store to Qatar Holdings.

The deal was signed in the early hours of 8 May and should be announced within the next few hours, BBC business correspondent Joe Lynam said.

A colourful and controversial figure, Mr Al Fayed acquired Harrods in 1985 following a £615m takeover bid.

Our correspondent said Mr Al Fayed's motivation for selling was unclear, but the price tag was not inconsiderable in a post-recessionary market.

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