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Harvey Nichols seeks sale as Frasers Group and Next bid
The retailer, which has not turned a profit since the pandemic, posted 2024 pre tax losses of £35.3m while seeking about £50m to £60m for the business.
Harvey Nichols is up for sale after struggling financially, with its owner, Sir Dickson Poon, putting the department store chain on the market in June. The business includes the Knightsbridge store in London and locations in cities including Bristol, Leeds, and Manchester.
According to the Guardian Business, the chain has not returned to profitability since the pandemic, reporting pre tax losses of £35.3m in 2024. Mike Ashley of Frasers Group and Next are among the reported bidders seeking control of the retailer.
The outlet reports that Ashley described the company as being in what he called a “death spiral,” and said that any potential takeover would be a “huge challenge.” Harvey Nichols is reported to be seeking £50m to £60m, while Ashley said the price would likely need to be closer to £40m for a deal to happen.
Retail experts cited by the Guardian Business said the brand no longer has the same cachet, arguing it has lost its identity and lacks a clear point of difference versus other department stores. Harvey Nichols was founded in 1831, and the current Knightsbridge store dates to 1889.