Mike Ashley's Frasers Group Acquires Harvey Nichols

Mike Ashley's Frasers Group has acquired the majority of Harvey Nichols' sites from administrators, following the luxury department store chain's warning that it could cease trading due to a lack of funding. The deal, for an undisclosed sum reportedly around £40 million, was completed on the same day Harvey Nichols was placed into administration.

Harvey Nichols, founded in 1831 and known for its upscale offerings, operates 13 stores and employs 1,200 people. The acquisition by the owner of Sports Direct aims to secure the future of the department store. Bosses at Harvey Nichols are reportedly working to reassure their luxury brand partners about the ongoing stewardship under Frasers Group.