Family-owned department store group Fenwick has earmarked a House of Fraser store as a potential new location.

Fenwick is understood to be in talks to secure the 180,000sqft unit on High St in Guildford after House of Fraser confirmed it will vacate the premises at the end of August.

The news comes some time after Fenwick’s major announcement to close its New Bond Street in central London after 130 years of trading at the site back in December last year.

Fenwick revealed that it has entered into an agreement to sell its store and adjoining property on New Bond Street, for an estimated £430m, in order to strengthen financial foundations for the future and make significant investments in its stores and online for long-term success.

Fenwick, which operates from nine locations across the UK, will continue to trade from the store until 2024.

Simon Calver, Chair of Fenwick, previously stated: “This year Fenwick marked 140 years as a successful British retailer, and this deal will enable the business to continue to serve communities in stores and online for many years to come.

“The sale has been a difficult decision for the Fenwick family, who are committed to providing the business with the means to thrive for the long term. Their support will enable the next stage of the journey for the Fenwick family business.”