Frasers Group acquires struggling Harvey Nichols chain from administration

Frasers Group, owned by Mike Ashley, secured Harvey Nichols out of administration on the day the retailer warned of a cash shortfall. The purchase covers five major UK stores—London, Edinburgh, Birmingham, Leeds and Manchester—with the Dublin shop's future still being negotiated and overseas franchise contracts retained. The Oxo Tower restaurant in London is not part of the transaction and will be sold separately.

Frasers plans extensive restructuring, including a review of the store portfolio, organisational structure and cost base, to build a sustainable business. The group, which rescued House of Fraser in 2018 and has since closed many of its locations, is expanding its luxury presence through Flannels and stakes in Hugo Boss and Mulberry. Harvey Nichols chief executive Julia Goddard said she looks forward to working with Frasers to improve efficiency and customer experience.