Harvey Nichols back in private hands
Poon wins backing of shareholders for delisting
December 6 2002
Upmarket department store operator Harvey Nichols is to end its UK stock market listing immediately.
Chief executive Dickson Poon has won enough shareholder support for his 250p-a-share offer for the company. His investment vehicle Broad Gain now owns 76.8 per cent of the company.
Poon had to revamp his initial offer last month after some institutional shareholders argued that it undervalued the business.
Harvey Nichols has suffered from trading difficulties at its flagship Knightsbridge store, and is also involved in a costly expansion programme which has seen store openings in Edinburgh, Leeds and Birmingham, with Manchester opening next year.
Poon believes the company will be better placed to recover and grow away from the spotlight of constant City analysis.
