TG Jones owner Modella weighs tilt at Harvey Nichols

The prolific retail investor, which last month won approval for a deal to avert the collapse of WHSmith's former high street arm, is weighing a bid for Harvey Nichols, the upmarket department store chain.

Sky News has learnt that Modella Capital is considering making an offer that would see Harvey Nichols added to a portfolio of assets which includes TGJones, Hobbycraft and Flying Tiger.

Industry sources said Modella was among the firms which had expressed interest in buying Harvey Nichols, although it was unclear on Monday how serious its intentions were.

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It joins Next and Frasers Group among the potential buyers of the Knightsbridge-based department store group, which has been put up for sale by Sir Dickson Poon, its billionaire owner.

Insiders described Modella as "an outside bet" to acquire Harvey Nichols.

Last week, Sky News revealed that Harvey Nichols had told brand suppliers that it had been "obliged to allow Frasers Group to participate in the process alongside the other interested parties".

Among the hundreds of brands sold at Harvey Nichols are Armani Beauty, Balmain, Cartier, Juicy Couture, Lancome, Max Mara, Nike, Polo Ralph Lauren and Spanx.

Sir Dickson's family, who bought the chain in 1991, have appointed FTI Consulting to advise on a sale of the business, with regional advisers also appointed to drum up interest among wealthy Gulf bidders.

Popularised by its frequent references in the 1990s BBC sitcom Absolutely Fabulous, Harvey Nichols has been struggling financially for years.

The company employs about 1,200 people in the UK and Ireland, trading from stores in London, Leeds, Edinburgh, Manchester, Birmingham, Bristol, and Dublin.

It also operates London's famous OXO Tower Restaurant on the South Bank, while internationally it has stores in Hong Kong, Dubai, Riyadh, Kuwait, and Doha.

Harvey Nichols traces its roots back to 1831, when Anne Harvey went into partnership with Ben Nichols to form the business.

It had a spell as a public company, having floated on the London Stock Exchange in 1996, but was taken private again by Sir Dickson just six years later.

In the most recent financial year for which financial results are available, revenue fell 5% to £204.8m in the 12 months to 31 March 2024, while losses before tax rose to £34m.

Modella and Harvey Nichols declined to comment.

(c) Sky News 2026: TG Jones owner Modella weighs tilt at Harvey Nichols