Fenwick to shut 130-year-old New Bond Street department store

Department store Fenwick has announced it will close its 130-year-old store on New Bond Street in central London.

The store, along with the adjoining property, has been sold to Lazari Investments and will shut in 2024.

In a statement, the company said it would sell the site to fund "significant investment" in its online business and its other stores.

Simon Claver, Fenwick's chairman, said the sale had "been a difficult decision for the Fenwick family".

The department store first opened in London's shopping district in 1891.

Following its sale Fenwick will be left with eight stores in the UK, including its flagship in Newcastle, York, Brent Cross, Colchester and Kingston.

In a statement, the company explained: "Amid the turbulent economic environment, fresh capital investment is required in order to return the business to profitable growth."

Mr Claver added the company's leadership team was "committed to providing the business with the means to thrive for the long term".

Funds from the sale will go towards making major investments in stores across the country, including at its Newcastle and Kingston branches, the firm said.

Lazari Investment's director, David Silverman, said their plans for the London site include creating a "mixed use development".