Key facts
- Frasers Group has acquired luxury department store chain Harvey Nichols.
- The deal excludes Harvey Nichols' Dublin store and its Oxo Tower restaurant.
- Harvey Nichols was placed into administration on the same day as the acquisition.
- Frasers Group plans significant restructuring for the business.
- Approximately 1,000 jobs are expected to be secured out of 1,200 employees.
Mike Ashley's Frasers Group has acquired the luxury department store chain Harvey Nichols out of administration for an undisclosed sum. The deal includes all Harvey Nichols stores except the one in Dublin, its online business, and current stock. The Oxo Tower restaurant is excluded and will be sold separately.
Harvey Nichols, which has 13 stores and 1,200 employees, was placed into administration on Thursday. Frasers Group stated that significant restructuring and integration will be required to create a sustainable business, including a review of the store portfolio, operating model, and cost base. The acquisition is expected to secure jobs for approximately 1,000 employees.
The retailer had been put up for sale by its owner Dickson Poon after failing to make a profit since the coronavirus pandemic, reporting a loss after tax of £105 million for the year to March 29, 2025. Directors had warned the company was not a going concern and could run out of money within a year. Frasers Group's bid was seen as more attractive than that of FTSE 100 retailer Next, which was reportedly only interested in acquiring one or two stores.