Ikea has plans to open a new store in the site formerly occupied by Topshop on Oxford Street.

The Swedish furniture giant is to buy the flagship store in a £385 million deal, according to a report by The Telegraph.

The move comes after Sir Phillip Green’s Arcadia group, which owned the Topshop brand, fell into administration in November last year, putting 13,000 jobs in jeopardy.

Earlier this year, online fashion platform Asos paid £265 million for four of the group’s brands, including Topshop.

It’s not the first time the ready-to-assemble chain has tried to open a store in Oxford Circus. The company attempted to move into British Home Stores’ previous location on Oxford Street and also enquired about a site on Cavendish Square.

Topshop has been at the Oxford Circus location for 56-years, since 1965.

“We are on a journey to create a new Ikea that is even more affordable, accessible and sustainable," said an Ikea UK & Ireland spokesperson. "As part of our accessibility plans in the UK & Ireland, we are constantly looking for new ways to better meet our customers’ needs."

They added: "This includes investing in our online offer, rebuilding and adapting existing Ikea stores, and exploring different formats and locations as part of a new city centre approach. We review our expansion strategy on an ongoing basis but have no plans to share at this time.”

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