Dublin-based jewellery retailer Fields is believed to have paid more than £40 million (€59.3 million) to acquire the family-owned Fraser Hart chain in the UK.

The deal will roughly treble the Irish jeweller's turnover to more than €120 million and increase its store numbers from 18 to 50. It also marks Fields's first entry into the UK market.

Fields chief executive Noel Coyle said the deal was "an excellent strategic development" for the company.

"It provides us with an immediate large-scale entry into the UK and offers a platform for significant future growth potential."

Fields said it would retain the Fraser Hart brand and its 500-strong workforce. Fraser Hart's senior management will also remain with the company.

Founded in 1949, Fields opened its first store on Grafton Street. It is the retail arm of the Anthony Nicholas jewellery manufacturing and distribution group and has stores across the country.

The company is controlled by the Obernik family with Mr Coyle and Kyran McLoughlin of Davy also significant shareholders.

Fields will open new stores in Kilkenny and Athlone in October to bring its network here to 20.

Fraser Hart was set up in 1936 and was owned by the reclusive Hill family in Scotland. It was put up for sale at the start of this year following a restructuring of the business that valued the company at £38.8 million. It trades under three brands - Fraser Hart, Fred Hill and Bernstones - and had revenues of £53 million in its last financial year.

As with Fields, it carries a number of leading brands, including Rolex, Cartier, Bulgari, Tag Heuer and Gucci. Both retailers sell a range of rings, necklaces, watches and chains.