Frasers Group, the retail empire built by Mike Ashley, has bought Harvey Nichols out of administration, taking control of the Knightsbridge flagship, its regional stores and international franchise.
The luxury chain, which carries over 800 premium brands and employs more than 1,000 people, had warned it would need to cease trading within a year without new investment. Frasers beat rival Next in the auction and says a review of structure, cost base and portfolio is coming, with chief executive Michael Murray warning of a 'smaller business in the near term.'
The Oxo Tower restaurant is being sold separately and isn't part of the deal. Harvey Nichols was previously owned by Hong Kong businessman Sir Dickson Poon since 1991, before he put it up for sale this year.
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