British retail company Frasers Group has acquired luxury retailer Harvey Nichols from FTI Consulting LLP.

The acquisition includes Harvey Nichols' six stores - the newly refurbished Knightsbridge flagship, Manchester, Birmingham, Bristol, Leeds and Edinburgh - together with its online business, existing inventory and over 1,000 employees.

Harvey Nichols' international franchise agreements form part of the transaction, and international franchise stores will continue trading under existing licensing arrangements. Certain assets located at the Dublin store, including stock and store fixtures, have been acquired as part of the transaction, and discussions in relation to the business are ongoing. The transaction excludes the OXO restaurant, which has been sold to another buyer.

Frasers Group said Harvey Nichols has faced sustained trading and operational challenges in recent years, and that significant restructuring and integration into the Frasers Group ecosystem will be required, including a review and rationalisation of the store portfolio, organisational structure, operating model and cost base.

The sale was implemented following the appointment of FTI Consulting LLP as administrators.

For more information, visit frasers.group.