Harvey Nichols faces ‘significant restructuring’

Frasers will take control of the 200-year-old retailer’s stores, including its Knightsbridge flagship, its online business and its international franchise.

The chain, immortalised as “Harvey Nicks” by Edina and Patsy in the BBC sitcom Absolutely Fabulous, appointed administrators in June after sustained trading and operational challenges.

A recent auction saw Frasers beat retail rival Next to the deal, the Mirror reports.

Harvey Nichols carries more than 800 premium and luxury brands, employs over 1,000 people, and has stores in Manchester, Birmingham, Bristol, Leeds and Edinburgh.

Frasers chief executive Michael Murray, Ashley’s son-in-law, called the store a “British institution with significant potential” but warned that “clear meaningful change is needed”.

"The turnaround will require tough choices and we are prepared to make those decisions," said Murray.

"Even if that means a smaller business in the near term, to create a stronger and more sustainable Harvey Nichols for the long-term.

Frasers says it will now review the store’s portfolio, structure and cost base. It is the latest upheaval on a high street where even what Spar actually stands for can catch shoppers out.

This ends more than three decades of ownership for Sir Dickson Poon, who bought Harvey Nichols in 1991 and put the group up for sale earlier this year.