Online fashion company Asos has snapped up the Topshop, Topman, Miss Selfridge and HIIT brands from the financially stricken Arcadia Group.

Phillip Green's fashion empire began crumbling late last year, when the Arcadia Group fell into administration during November, putting 1,300 jobs at risk.

Asos are purchasing the brands, but not the stores, two of which are in Ayr.

They will take on all of the company's stock and certain members of staff, such as designers and buyers, but the future for the shop-floor staff remains uncertain.

Asos chief executive Nick Beighton said: "The acquisition of these iconic British brands is a hugely exciting moment for Asos and our customers and will help accelerate our multi-brand platform strategy. 

"We have been central to driving their recent growth online and, under our ownership, we will develop them further, using our design, marketing, technology and logistics expertise, and working closely with key strategic retail partners in the UK and around the world."

It is another blow for Ayr high street, given the news last week that Debenhams, another staple of the high street was bought up by online fashion retailer Boohoo. Boohoo sealed the deal for the brand, but similarly to Asos' takeover of Arcadia's brands, they did not commit to purchasing any of the brands 118 stores.