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The family-owned business, run by Nicolas, Jonathan and Francis Norton, great-grandsons of the founder, have hired Levy Real Estate to market the freehold of 139 New Bond Street for more than £70m. Soloman Joel Phillips moved there from Regent Street in 1869.

SJ Phillips plan to lease the property back until early 2017, after which they say they will move to a new site. No decisions have been taken on the location of the new store and the firm are keen to emphasise it is very much business as usual.

Bond Street has seen rents and freehold values soar in recent years as blue-chip fashion and watch retailers compete for prime spots to market their brands.