- Harvey Nichols reported a loss after tax of £105m for the year to 29 March 2025, with turnover down 11.1% to £69.46m.
- Owner Dickson Poon put the company up for sale in June.
- Directors warned in a Companies House filing that the group would cease trading within 12 months without a sale or fresh funding.
- The company received a number of bids and is actively pursuing one or more to conclude a transaction within the going concern period.
- Mike Ashley's Frasers Group is reportedly aiming to buy it for about £40m, while Next has withdrawn its interest.
- The luxury department store attributed its losses to the impairment of intercompany loans of £169m.
- Harvey Nichols said trade was hit by weak consumer demand as a result of the lingering cost of living crisis, while also flagging the ongoing impact of the loss of tax-free shopping in the UK.
- Harvey Nichols directors said in the filing that they are continually assessing options for the business in pursuit of transformation objectives, after billionaire owner Sir Dickson Poon began in June.
- The directors warned that the company was not a going concern, because it would run out of money within the next year and that it had no agreements for new funding.
- Ashley, the controlling shareholder in Frasers, on Friday told the Financial Times that Harvey Nichols was in a death spiral and that it would be a huge challenge to turn it around.
- He said he would keep the Knightsbridge and Edinburgh stores, but rebrand other stores as House of Fraser or Flannels under his Frasers Group.
Harvey Nichols, the luxury department store, is facing a dire financial situation, warning it will cease trading within 12 months unless it secures a sale or new funding. The company reported a £105m loss after tax, primarily due to the impairment of intercompany loans totaling £169m.1367
The directors attributed the losses to weak consumer demand amid the ongoing cost of living crisis and the loss of tax-free shopping in the UK. They stated, "the company was not a going concern, because it would run out of money within the next year and that it had no agreements for new funding."59
Billionaire owner Sir Dickson Poon has put the store up for sale, with Mike Ashley's Frasers Group reportedly interested in acquiring it for around £40m. Ashley described the situation as a "death spiral" and acknowledged the challenges in turning the business around. The company has received a number of bids and is actively pursuing them, hoping to conclude a transaction within the next year. However, without a successful sale or additional funding, the future of Harvey Nichols remains uncertain.2410
As of the latest accounts, the group has received a number of bids and was actively pursuing one or more such bids with a view to concluding a transaction within the going concern period.
“The luxury retailer's turnover plunged 11.1% to £69.46m for the year to 29 March 2025, with losses attributed to £169m impairment of intercompany loans. Directors said the company is 'actively pursuing' bids, but no additional funding has been agreed if a sale fails.”
The Guardian
