The franchisee of two IKEA stores in Perth and Adelaide has just sold the outlets – to IKEA Retail Australia.

The sale has taken 10 years of negotiations, reports the Australian Financial Review.

Western Australian business figure Alan Tribe’s business Cebas Pty Ltd has owned the west coast franchise since 1999.

The purchase price is unknown but the BRW 2016 Rich List businessman may have pocketed at least $170m, it is suggested.

The deal is expected to be completed by 28 February and it will bring all the home furnishings stores under one owner across Australia.

Globally IKEA operates its stores through franchise agreements.