The high street camera retailer went into administration earlier this month after struggling to compete with online outlets.
Administrators PricewaterhouseCoopers announced the sale this evening (January 31).
A spokesman said: "We can confirm we have sold the brand and certain other assets to a number of buyers including entrepreneur Peter Jones CBE."
It is believed that the purchase will not result in any of the stores reopening, but will encompass certain other assets, believed to include leftover stock and intellectual property.
Jones originally made his fortune through phone business Phones International Group, before becoming one of the founding 'Dragons' on the popular BBC Two show in 2005.
The 46-year-old was voted the "perfect husband" in a recent dating site poll, whose members said that he embodies all the qualities women look for in a partner.