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The Regency shopping centre has already seen a series of alterations under the ownership of current landlords, Thor Equities and Meyer Bergman. Changes included new tenants such as luxury fashion labels Chanel and La Perla.

During renovations over the past six years the leases of traditional antiques businesses in the arcade were not renewed, forcing them to leave and celebrities, including the late restaurant critic Michael Winner and actress Dame Judi Dench, spoke out about the changes.

However many tenants are open minded about a new owner.

Jewellery business owner Susannah Lovis said: “I hope the new landlord will value the independents in the arcade as much as the luxury brands. The heritage of the arcade is very important here so we hope the new owner will recognise that.”

But another traditional business owner who did not wish to be named, said: “The landlord has already changed the nature of the arcade beyond recognition. We hope the new owner will keep the arcade as Regency as possible. However the damage has already been done.”

"Jewellery and fancy articles"

The arcade, which runs behind Bond Street from Piccadilly, opened in 1819 "for the sale of jewellery and fancy articles of fashionable demand, for the gratification of the public".

Despite the recent changes to the type of shop tenants and the rent increases, a handful of antique silver and jewellery businesses continue to trade including Susannah Lovis as well as Hancocks, Johnson Walker and Richard Ogden.

The Grade II-listed centre was built in 1819 by George Cavendish. It still employs Beadles, a grand form of security guard, to protect the arcade and uphold the code of conduct such as no bicycles or whistling.

The price tag of the arcade is around £400m and property agent CBRE is advising on the sale.