Next reportedly preparing for bid on Harvey Nichols

British retail giant Next is believed to be preparing to launch a takeover bid for Harvey Nichols just days after the owner of the department store chain announced plans to sell the business.

According to Sky News, Next has entered the race to potentially acquire the struggling retailer from billionaire entrepreneur Dickson Poon, who is mulling either a sale or new investment to help revive the chain.

FTI Consulting was reportedly brought in to oversee the process as “difficulties” within the business persisted.

For the most recently reported fiscal year ended March 30, 2024, Harvey Nichols recorded a pre-tax loss of 35.3 million pounds, widening on the 21.1 million pound loss seen in the year prior.

For Poon, the sale would bring to an end 35-years of ownership over Harvey Nichols. The businessman first snapped up the retailer in 1991 for 53 million pounds, and he has since remained as the chair of the company.

Harvey Nichols currently operates several locations across the UK, including Leeds, Birmingham, Manchester, London and Edinburgh, as well as stores in Hong Kong, Saudi Arabia, Kuwait, Dubai and Qatar.

Its Knightsbridge flagship store in London is in the midst of a multi-million pound refurbishment led by CEO, Julia Goddard, who took on the helm two years ago.