Frasers Group closes in on Harvey Nichols acquisition
Frasers Group is reported to be closing in on the acquisition of the struggling Harvey Nichols department store chain.
According to Sky News, a rescue deal through a prepack insolvency process could be announced as soon as today.
Industry sources have told Sky News that the Frasers Group team has been holding discussions for weeks with FTI Consulting, the firm retained by Harvey Nichols as an adviser earlier this summer.
Subscribe to TRBOne source said that the group has been considering offering a year-long guarantee to retain the department store’s head office in London, although there was no clarity on whether any commitment would apply to Harvey Nichol’s 1200 UK based staff.
Frasers is also understood to be prepared to commit to settling outstanding payments to Harvey Nichols’ brand partners, and would be willing to take on all stores, with the possible exclusion of Dublin.
In addition to its Knightsbridge flagship, Harvey Nichols has stores outside London in Manchester, Leeds, Bristol, Birmingham and Edinburgh.
It emerged in June that the billionaire owner of Harvey Nichols, Sir Dickson Poon, was considering selling the department store chain after years of losses and 35 years of ownership.
