Poon sews up Harvey Nichols buy-back
Shareholding raised to 97.14 per cent
December 23 2002
Dickson Poon, chief executive of upmarket department store operator Harvey Nichols now controls 97.14 per cent of shares in the group.
Poon launched a 250p-a share buyback offer in October. With the acquisition of a 6.77 per cent stake by Poon’s investment vehicle Broad Gain from Lansdowne Partners, Poon is now in almost total control of the delisted retailer
The structure of the offer was revised in November 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 in private hands.
