Unsecured creditors of Harvey Nichols — which include major luxury names — will get back only “up to 15%” of what they’re owed, a new filing at Companies House suggests.
Harvey Nichols
The company was sold out of administration to a subsidiary of Frasers Group for £43.3 million with the payments due to those unsecured creditors set to happen within nine to 12 months.
The administrators are also advising those consumers who purchased from the company before 13 August and require a refund to see if they can claim money back via their credit card provider. Otherwise, they too will only be able to make a claim as unsecured creditors.
Harvey Nichols’ trading entity owed more than £270 million to unsecured creditors when the so-called pre-pack administration (with the buyer lined up to step in immediately after the administration filing) happened.
There had earlier been reports that some suppliers were nervous about Frasers’ involvement following the Matches administration filing in early 2024, weeks after Frasers had acquired the business, that also left many suppliers unpaid.
The reports had quoted a memo from the retailer’s chief merchant Kate Benson saying that the new owners “understand our business and value our brand relationships”.
But some commentators have questioned whether certain brands will be prepared to do business with Harvey Nichols in future.
