Frasers acquires luxury retailer Harvey Nichols from administration

British retailer Frasers has bought luxury department store Harvey Nichols after the chain went into administration. Frasers is owned by businessman Mike Ashley.

The deal includes Harvey Nichols stores in London, Edinburgh, and Leeds, plus its website and stock. More than 1,000 workers will keep their jobs. Harvey Nichols also has franchise agreements in other countries, and these are part of the purchase. The OXO Tower restaurant in London is not included.

Hong Kong billionaire Dickson Poon had owned Harvey Nichols for 35 years before this sale. Frasers has not said how much it paid.