Harvey Nichols owner invests £25 million as losses shrink

Harvey Nichols owner Sir Dickson Poon has committed to lend another £32.5 million to the business, in an effort to move it away from financial difficulty.

Accounts filed at Companies House last week reveal that the businessman lent the department store £25.5 million, and had committed to pay a further £7 million after its year-end last April.

Poon, who has owned Harvey Nichols since 1991, has now lent a total of £106 million to the retailer, which now has no external debt.

A company spokeswoman told The Times that Poon believes it is best for Harvey Nichols to be financed by himself.

"This is a clear illustration of his commitment to the successful development of Harvey Nichols," she said.

It comes after Harvey Nichols lowered its losses last year, as the business continued its recovery from the impact of the pandemic.

Pre-tax losses shrunk 29% to £21.3 million in the year to 1 April 2023. Meanwhile, sales lifted 13% to £216.7 million.

Earlier this month, the business appointed Julia Goddard as its new Chief Executive Officer, commencing in June 2024.

Goddard, currently EMEA President of Alexander McQueen, will sit on the management board and report to Sir Dickson Poon and Pearson Poon, Chairman and Vice Chairman of Harvey Nichols.

"We are delighted to welcome Julia as our new Chief Executive Officer. Julia is a dynamic business leader with a strong track record of delivering quality growth and successfully developing and executing a very important customer strategy. Her expertise and strategic capabilities will be invaluable in delivering long term sustainable growth for Harvey Nichols," Sir Poon said at the time.