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Harvey Nichols sold to Frasers Group in pre-pack deal

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Harvey Nichols sold to Frasers Group in pre-pack deal

Mike Ashley’s Frasers Group has acquired the department store chain Harvey Nichols through a pre-pack administration covering about 1,000 jobs, the retailer’s six UK stores and its online and international franchise operations, according to administrators FTI Consulting.

FTI said the deal “safeguards a 200-year-old institution”.

Frasers, the FTSE 100 retailer, said it would begin a “significant restructuring” of Harvey Nichols to “right-size the business” and return it to profit. It said it would integrate the chain into the group and review and “rationalise” the store portfolio, organisational structure, operating model and cost base.

Michael Murray, chief executive of Frasers and Ashley’s son-in-law, said: “The turnaround will require tough choices, and we are prepared to make those decisions, even if that means a smaller business in the near term, to create a stronger and more sustainable Harvey Nichols for the long term.”

The deal follows a sales process in which Frasers beat Next, the London-listed retailer, to take control of the business.

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Harvey Nichols had warned in its latest accounts that it would need to “cease trading” within a year if it failed to secure new investment. Ashley has said the chain was in a “death spiral”.

Harvey Nichols has not made a profit since the pandemic. It has been squeezed by online competition, high costs, under-performing regional stores and weaker spending from international tourists. Rivals including Harrods and Selfridges have invested heavily in their shops and online businesses.

The six UK stores are in Knightsbridge in west London, Manchester, Birmingham, Bristol, Leeds and Edinburgh. Harvey Nichols has 13 shops globally, including seven locations in the UK and Ireland. Frasers said it had acquired some assets at the Dublin store, including stock and store fixtures, and that talks over that business continue.

The Oxo Tower restaurant on London’s South Bank, which Harvey Nichols has operated since 1996, has been sold separately to the team behind Fallow. FTI said this would preserve more than 100 jobs and the operations of the business.

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Lindsay Hallam, senior managing director at FTI Consulting, said: “From the outset, our focus was to find a solution that protected the underlying value of the business, securing a future for a 200-year-old retailer, and delivering the best possible outcome for stakeholders.”

The acquisition deepens Frasers’ push into upmarket retailing, and the group said it hoped to expand its relationships with luxury brands including Gucci, Moncler, Burberry, Prada and Dior. Murray has previously warned of a softening global luxury market as sales in the group’s premium division fell.

Louise Déglise-Favre, lead apparel analyst at GlobalData, said Frasers had “spent several years constructing a luxury proposition that it has been unable to fully realise”.

She added: “While Flannels provided scale, and the group’s shareholdings in Mulberry and Burberry provided proximity to brands, the houses that define genuine luxury have remained reluctant to trade within a Frasers fascia.”

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Déglise-Favre said the outcome of the deal was likely to be a “more concentrated luxury proposition centred on Knightsbridge, with weaker stores absorbed under the other fascias within the group, such as House of Frasers or Flannels”.

The position of Harvey Nichols creditors, including suppliers, landlords and HM Revenue & Customs, is unclear.

Lisa Webb, senior lawyer at Which?, said: “Fraser’s Group must ensure that existing obligations to Harvey Nichols’ customers are honoured if it wants to maintain goodwill in the brand. That means accepting gift vouchers, fulfilling online shopping orders and processing returns and refunds as if nothing has changed. No consumer should be left out of pocket as a result of this sale.”

A pre-pack involves lining up a buyer ready to acquire a business straight after it enters administration. Supporters say the structure is an efficient way to rescue struggling businesses, save jobs and maximise returns to creditors, while critics say it can leave creditors with unpaid debts. Sales to connected parties are subject to mandatory independent scrutiny under 2021 regulations, a regime insolvency professionals warned at the time could remain open to abuse.

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Frasers has acquired a number of distressed brands through pre-packs. The company was renamed from Sports Direct in 2019 after Ashley bought House of Fraser. Ashley stepped down as chief executive in 2022 but remains majority shareholder.

Shares in Frasers closed up 13p, or 1.6 per cent, at 817½p on the London Stock Exchange following the deal, valuing the company at £3.6 billion.


Jamie Young

Jamie Young

Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the ‘covid era’ and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine’s coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk

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Perth cannot and will not attract skilled workers if they cannot afford to live here

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Perth cannot and will not attract skilled workers if they cannot afford to live here

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InvestingPro’s Fair Value spotted UTI’s 46% drop before it happened

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BofA cuts WeRide stock price target to $10.70 on valuation

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BofA cuts WeRide stock price target to $10.70 on valuation

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Yorkshire and Humber economy buoyed by stablisation of orders, survey finds

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The NatWest survey of private businesses has the region’s economy close to growth

Leeds city centre

Leeds city centre

The Yorkshire and Humber private sector is close to a return to growth after a stabilisation of new orders during July, a new survey suggests.

The NatWest Regional Growth Tracker, which measures the output of the region’s manufacturing and service sectors, rose to 49.1 in July from 45.5 in June. Scores above 50 denote when the economy is in growth.

New orders were little changed in Yorkshire and Humber during July, the survey found, with a number of respondents indicating that customer confidence remained subdued amid market uncertainty. Non-replacement of departing staff as part of efforts to limit costs resulted in a further fall in employment, now marking 20 months of decreases in the regional workforce.

Companies reported sharp rises in input costs, particularly fuel oil and raw materials. The rate of inflation slowed markedly from the previous month, however.

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Business confidence in Yorkshire and Humber fell slightly in July amid ongoing uncertainty and worries about geopolitics. But firms in the region were broadly optimistic overall for the prospects in the coming year, which was reflected in investment plans, the survey found.

Malcolm Buchanan, chair of the NatWest North regional board, said: “There were some encouraging signs from the latest Yorkshire and Humber Growth Tracker, particularly with regards to customer demand which stabilised following a period of decline amid geopolitical issues. Although still muted, the inflow of new orders was such that firms posted softer reductions in output and employment levels as the second half of the year began. Adding to the alleviation of headwinds facing firms, inflationary pressures also cooled.

“While conditions looked to be moving positively in July, firms remained only cautiously optimistic regarding the future as geopolitics continues to loom over the global economy and has the potential to throw the nascent recovery off course.”

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Meta glasses banned from courts in England and Wales

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Meta glasses banned from courts in England and Wales

His Majesty’s Courts and Tribunals Service has banned Meta smart glasses from court buildings across England and Wales, with security staff instructed to confiscate the devices on entry and return them when the wearer leaves.

“There are clear restrictions on taking images or videos within courts and tribunals which is why the use of Meta glasses is prohibited,” an HMCTS spokesperson said.

HMCTS runs the criminal, civil and family courts in England and Wales. Smartphones remain permitted in court buildings, provided they are not used to record hearings. HMCTS is not extending that exception to smart glasses because the glasses can record while being worn.

Section 41 of the Criminal Justice Act 1925 prohibits taking a photograph, or making a portrait or sketch, of judges, jurors, witnesses or parties to proceedings. The prohibition applies in the courtroom, in the building, in the precincts of the building and to images of a person entering or leaving. Section 9 of the Contempt of Court Act 1981 covers sound recordings made in court. Unauthorised recording can result in contempt of court proceedings.

The issue has already surfaced in a UK courtroom. Earlier this year a claimant in a High Court case was accused of using smart glasses to receive coaching while giving evidence under cross-examination. He denied the allegation and said the glasses were not connected to his phone.

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The HMCTS decision follows a comparable restriction introduced by New York’s court system last month.

Meta’s Ray-Ban glasses take photographs and record video while worn. Meta says a pulsing LED activates during recording and that tamper-detection technology stops users covering it. The company has shipped more than seven million pairs, and the devices account for more than 80 per cent of the global AI eyewear market, figures reported as the glasses became the centre of a widening privacy row.

Clara Westbrook, partner and head of privacy at Arbor Law, said the ban points to a gap between the technology and the rules governing it. Westbrook has more than 20 years’ experience advising organisations on European and English data protection law, was previously a director in the international privacy centre at Warner Bros. Discovery, and has held senior data protection roles at Yum! Brands and Richemont. She holds a part-time senior counsel position at Burberry.

“This week’s court ban shows how far behind the law is on this technology,” Westbrook said. “Most people in a meeting, a client office or a public space have no way of knowing someone nearby is recording, these glasses look like ordinary eyewear. That’s a real problem for data protection: if personal data is captured and stored without people’s knowledge, that’s potentially unlawful processing under UK GDPR, and it can breach a company’s own confidentiality and IT policies.”

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She added: “It also creates a headache few organisations have thought through, footage sitting on someone’s wearable is personal data too, and it could fall within scope of a subject access request. Courts moving to ban them outright is a sign other institutions and employers need to get ahead of this now, not after something goes wrong.”

Under the Information Commissioner’s Office guidance on the right of access, organisations must provide personal information held on staff personal equipment where they remain the controller, and must supply a copy of footage containing a requester’s data unless an exemption applies. The ICO says footage that identifies other people will usually need to be redacted.

The court ban lands in a year in which UK firms have been warned about tightening rules on data and AI, and follows the introduction of a statutory data protection complaints process under the Data (Use and Access) Act 2025, which took effect on 19 June 2026.

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Bullish 2026 Q2 – Results – Earnings Call Presentation (NYSE:BLSH) 2026-08-14

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

This article was written by

Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team

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Royal Show cuts poultry competition over bird-flu concerns

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Royal Show cuts poultry competition over bird-flu concerns

The Royal Agricultural Society of WA has moved to cancel the Perth Royal Show’s poultry competition over concerns it could become a bird flu super-spreader event.

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Cloudflare: I Was Wrong, A 'Palantir' Moment Is Coming (Upgrade)

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Cloudflare: Flawless Execution Meets Mathematically Impossible Valuation (NYSE:NET)

Cloudflare: I Was Wrong, A 'Palantir' Moment Is Coming (Upgrade)

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Why is AP Moeller – Maersk stock surging today?

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Formica narrows losses as sales rise in UK and Europe

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Formica near North Shields, North Tyneside

Formica near North Shields, North Tyneside

Plastic manufacturer Formica has reported an improving financial picture despite falling to a fifth consecutive year of losses.

The North Shields company – which has been a fixture on the Coast Road for more than 70 years – has released accounts for 2025 in which its revenues increased from £35.7m a year earlier to £41.4m. Over the same period, the company’s operating loss narrowed from £8.3m in 2024 to £5.7m.

A breakdown of sales shows that more than half the company’s income (£28.1m) came from exports to Europe, with £13.2m of sales in the UK.

Formica has been restructuring its operations in the North East over the last few years, with headcount at the factory more than halving since 2018. The new accounts put the company’s employee numbers at 232, a slight rise on the previous period.

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The company has also been remodelling the Coast Road site, knocking down a number of buildings that are no longer in use. Restructuring costs of £300,000 are recognised in the accounts that relate to the demolition of the Finished Goods Warehouse at North Shields.

In the accounts, the company says it is “continuing to focus on its North Shields facility”, adding that “whilst reducing the factory footprint we believe through modernisation and centralisation we will be able to support future growth in a controlled manner and therefore benefit from an improved operating leverage.”

The directors add: “Formica Limited has completed a number of projects as part of a significant investment programme at its North Shields site, resulting in a reduced cost footprint. Meanwhile, the company has taken steps to strengthen its commercial margin.

“Along with other actions such as administrative cost reductions and commercial and operational synergies with sister companies in the group, the financial run-rate of the company is improving and is expected to continue to improve, driven by the market demand as well as ongoing commercial and marketing initiatives.”

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The Formica product dates back to 1913 when an employee of US-based Westinghouse filed a patent for process to make laminated insulators.

The North Shields plant has been part of the Dutch Broadview Holdings group since 2018 after it was bought in an $840m deal from previous owners Fletcher Building, which is based in New Zealand. In March, Formica’s third party UK sales business was also sold to Broadview.

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