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Harvey Nichols warns of administration risk without rescue deal
Harvey Nichols has reported a sharply wider annual loss, driven largely by an impairment of intracompany loans, and warned it faces collapse if a rescue deal is not secured.
In accounts filed for the 52 weeks to late March 2025, the luxury retailer said turnover fell 11% to £69.462 million, from £88.157 million a year earlier. The company attributed the decline to weak consumer demand amid the lingering cost-of-living crisis and the continued loss of tax-free shopping for tourists in the UK.
The post-tax loss ballooned to £177.625 million from £12.924 million, but the company said the deficit was largely due to an impairment of intracompany loans totalling more than £169 million, rather than operational underperformance.
Harvey Nichols said there is a risk the company could collapse without a rescue deal, and noted it has received a number of bids and is actively pursuing one or more of them.
Separately, accounts for Harvey Nichols.com Limited, which runs the group's webstore, showed turnover fell 4.6% to just under £46.6 million from almost £49 million, while its operating loss widened to £14.337 million from £10.165 million. That loss included an intercompany debtor impairment of £2.564 million.