Frasers bought Harvey Nichols out of administration for about £40 million, taking all six UK stores, the online business, inventory and international franchise agreements, while securing more than 1,000 jobs and leaving the OXO Tower restaurant to be sold separately. The deal followed a competitive process in which Next also showed interest but sought only part of the estate, as Mike Ashley's group moved on the 1831-founded chain after it warned it could cease trading within a year without fresh investment. Harvey Nichols reported a £105 million loss after tax for the year to March 29, 2025 after writing off inter-company loans, and directors said the business was not a going concern. Frasers Group chief executive Michael Murray said the revival will require tough choices, including restructuring and store rationalisation, with Ashley indicating Knightsbridge and Edinburgh may stay Harvey Nichols while Birmingham, Leeds, Manchester and Bristol could be rebranded under House of Fraser or Flannels.