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(Sharecast News) - Mike Ashley's Frasers Group is reportedly putting the finishing touches to a rescue deal for department store chain Harvey Nichols.
According to Sky News, Frasers is hoping to announce the acquisition through a pre-pack insolvency process on Thursday, after weeks of negotiations.
Industry sources told Sky that Ashley's team had been engaged in detailed talks with FTI Consulting, the adviser to Harvey Nichols and its standby administrator, which could involve significant job preservation commitments.
One insider said that Frasers had been considering offering a year-long guarantee to retain Harvey Nichols' London head office, although it was unclear whether such a commitment would apply to all 1,200 UK-based staff at the group.
Frasers is also said to be prepared to commit to making outstanding payments to brand partners of the department store chain, following a controversy over its acquisition of Matchesfashion, an upmarket online clothing retailer, in 2024.
One source told Sky on Wednesday that unlike rival Harvey Nichols suitor Next, Ashley would take on all of its stores with the possible exception of its Dublin site. Discussions are said to have been continuing on that issue as recently as the last couple of days.
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