Financial advisers to department store chain Harvey Nichols have told potential bidders they have two weeks to submit an offer, Sky news has reported.
The report said potential bidders have been asked to put in their offers by the middle of July, suggesting that Sir Dickson Poon is looking for a quick sale of the retail business he has owned since 1991.
The Hong Kong-based billionaire has appointed FTI Consulting to manage the sale process, with a number of high-net worth individuals and other bidders reported to have requested financial information about the company.
Harvey Nichols has not turned a profit since before the Covid-19 pandemic. Its latest set of financial results, covering the year ending March 30, 2024, showed revenue dipping 5% on the previous year to £204.9m and pre-tax losses deepening to £34.1m from £21.1m.
As well as its flagship Knightsbridge location, Harvey Nichols has another six stores across the UK as well as branches in Hong Kong, Qatar, Dubai, Kuwait and Riyadh. The company also operates the Oxo Tower restaurant on London’s South Bank.
A spokesperson for Harvey Nichols said the company did not comment on market speculation.
They said: “Harvey Nichols remains fully focused on delivering its transformation strategy.”
“We are making strong progress across the business, including a complete refurbishment of our flagship store in Knightsbridge, which is showing positive early signs of growth and reinforces our confidence in the direction of the business.”
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