British toy retailer Hamleys has been bought by India's richest man, Mukesh Ambani.

Mr Ambani, whose fortune is estimated to be around $50 billion, has bought the company from C Banner International, a Chinese company that only purchased it in 2015.

Hamleys is the world's oldest toy store, having been founded in 1760 and has 167 stores in 18 countries. Mr Ambani's company, Reliance Brands, already operates 88 Hamleys stores across 29 cities in India.

Darshan Mehat, CEO of Reliance Brands, said: "The worldwide acquisition of the iconic Hamleys brand.... is a long cherished dream come true."

Hamleys endured a tough 2018, reporting a £9.2 million loss. It blamed uncertainty around Brexit and a heightened threat of terrorism for its problems. Hamleys also opened four stores in the UK, but later closed two of them.