Selfridges has more than doubled annual trading profits. Financial Times

The four-strong chain, which has stores in London, Manchester and Birmingham, said trading profits had risen from £10.1m to £26.8m in the year to3 February, on sales up 13% to £356m.

The chain, which was taken private in 2003 by Canadian billionaire Galen Weston, has been tapping into the booming luxury market in London and this month it opened its £10m Wonder Room for top-end brands, such as Hermès, Bulgari, Chanel and Tiffany.

Selfridges’ next big project will be to overhaul the hotel situated behind its London store. It has no expansion plans beyond enhancing its four existing sites.

It owns a plot in Glasgow, bought by the previous owners of the chain, but has not decided whether to develop it into a store.