Noel Smyth's Fitzwilliam Finance Partners said the Competition and Consumer Protection Commission has approved the outright purchase of the Arnotts group.

In May, Fitzwilliam said it had reached agreement to acquire the 50 per cent stake in Arnotts owned by rival bidder, US investor Apollo. Following CCPC approval, Mr Smyth said Fitzwilliam will complete the formalities of acquiring the Apollo interest over the coming weeks.

He said Fitzwilliam will continue its plans to appoint an operator for the main business.

“It is our core objective to maintain the iconic brand of Arnotts which is synonymous with retailing in Dublin city centre and to build on this landmark brand,” he said.

Arnotts racked up the debt midway through the last decade by buying property around it, to develop as a retail quarter. Fitzwilliam and Apollo bought this debt from the banks and Fitzwilliam won the battle for control.