Harvey Nichols has warned that if it does not find a buyer or receive a cash injection it will cease trading within a year.
In newly published accounts, the luxury department store said one or more of the offers it was scrutinising would require the business ‘to be in formal administration prior to sale’.
Sir Dickson Poon, Harvey Nichols’ Hong Kong owner, put the store up for sale in June and talks to sell part or all of the retailer are now at an advanced stage.
Mike Ashley’s Frasers Group, which owns House of Fraser and Sports Direct, has emerged as the front-runner
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