Gordon Brothers submits bid for Harvey Nichols as sale process continues

Gordon Brothers, the US investment firm behind retailers including Laura Ashley and the owner of Poundland, has submitted a bid to acquire luxury department store Harvey Nichols, according to a report by Sky News.

The offer was reportedly submitted ahead of this week's bidding deadline, with a further deadline now set for next week as owner Sir Dickson Poon mulls a sale of the business after 35 years. Sky News reported that Frasers Group and Next remain among the leading contenders, while Dubai-based Chalhoub Group and India's Reliance Retail are also understood to be interested.

The sale process comes as Harvey Nichols continues efforts to turn around its business after recording five consecutive years of losses. According to Sky News, interested buyers have been told they would need to commit up to 60 million pounds to support the retailer's ongoing transformation programme, despite improvements at its flagship Knightsbridge store following recent investment.

Founded in 1831, Harvey Nichols operates stores across the UK and Ireland, as well as locations in Hong Kong, Dubai, Riyadh, Kuwait and Doha, and stocks brands including Armani Beauty, Balmain, Cartier, Max Mara and Polo Ralph Lauren.