Harvey Nichols acquired by Sports Direct boss with Manchester store saved by sale

The move aims to give the retailer 'the best chance of long-term success'

Harvey Nichols warned in its latest accounts that it would need to ‘cease trading’ within a year if it failed to secure fresh funding

Frasers Group acquires majority of upmarket retailer’s sites from the administrators Business live – latest updates The owner of Sports Direct has bought Harvey Nichols out of administration after the upmarket department store chain warned it could run out of money if it did not find new funding. Mike Ashley’s Fraser

The move comes after an auction process for Harvey Nichols which saw Frasers battle retail rival Next to take control of the brand

It comes after an auction process saw Sports Direct owner Frasers battle retail rival Next to take control of the stores

The department store made famous by sitcom Absolutely Fabulous had warned it would cease trading.

HARVEY Nichols has been rescued from the brink of collapse after Mike Ashley's Frasers Group swooped in to buy the struggling luxury department store chain. It comes just days after the retailer, which has been owned by Sir Dickson Poon's family for 35 years, warned it could cease trading within a year unless it found.