UK retailer Frasers Group is set to take over Harvey Nichols via pre-pack administration, ending 35 years of ownership by Dickson Poon.
Frasers Group has emerged as the leading bidder to acquire luxury department store Harvey Nichols, with a deal expected to involve a pre-pack administration process. The transaction could require up to £60m ($80.9m) in funding, according to sources familiar with the matter.
Harvey Nichols, founded in 1831, has been privately owned by Hong Kong billionaire Dickson Poon since 1991. The retailer had previously explored bids from multiple suitors, including Next, but the field narrowed to Frasers Group as the frontrunner. FTI Consulting has been appointed to oversee the sale.
The acquisition would mark the end of Poon’s ownership, following a competitive bidding process that initially excluded Frasers Group. Next retains the option to counter, though sources suggest a final decision is imminent.