Harvey Nichols posted a £34m pre-tax loss in the year to March 2024, up from £20.4m, while revenues fell 5% to £204.8m. Owner Sir Dickson Poon has hired FTI Consulting and adviser Derya Akyuz to explore new investment or sale options after settling a winding-up petition over unpaid debt.
The chain reported a pre-tax loss of £34m for the year to March 2024, up from £20.4m the prior year, while revenues fell 5% to £204.8m, marking its fifth consecutive year in the red.
Owner Sir Dickson Poon has appointed FTI Consulting and adviser Derya Akyuz to explore potential new capital injections, joint ventures or a full sale of the business, with pre-pack administration explicitly ruled out.
A winding-up petition filed by the Rubin family over an unpaid bill was settled, but the episode underscores mounting creditor pressure and urgency in shoring up the retailer’s finances.
The Knightsbridge store accounts for over half of total sales, while underperforming regional outlets and the loss of VAT-free shopping for tourists have eroded revenue growth.
