Bond Street jeweller Asprey & Garrard has been bought by the co-chairmen of U.S. fashion group Tommy Hilfiger.

The deal will see the business bought by Canadian Lawrence Stroll and Chinese citizen Silas Chou, who plan to open more stores.

At present Asprey & Garrard has two shops, in London's Bond Street and Trump Tower in New York.

The buy - for an undisclosed sum - brings to an end five years of ownership by the Brunei royal family.

Asprey & Garrard, which traces its history back to the 18th century, was bought by Prince Jefri Bolkiah, a younger brother of the Sultan of Brunei in 1995 for £243 million.

At that time it was a UK listed company, owning crown jeweller Garrard, Mappin & Webb and Watches of Switzerland.

It later sold off its non-core businesses and became Asprey & Garrard.

Earlier this year, Brunei Investment Agency took control of the jewellers - which supplied the engagement ring for Sophie Rhys-Jones, who married Prince Edward.

Another famous British brand has also announced a change in ownership.

Christy, the company that makes the towels used by players during the Wimbledon tennis championships, has been bought out by its management.

The luxury towel maker has been sold by owners Courtalds Textiles to a consortium led by Christy managing director Joel Rosenblatt for £15 million.

The MBO is being backed by Lloyds TSB Development Capital, which has invested £5 million, and Barclays Bank, which is providing banking facilities to the tune of £10 million.