Frasers Group reportedly allowed to bid on Harvey Nichols

British retail giant Frasers Group has been given the green light to place a bid on the ailing luxury retailer, Harvey Nichols. The Sports Direct owner had previously demanded access to the sale process, yet its interest was contested by brands selling through the department store chain that had raised concerns over the potential takeover.

According to Sky News, which cited a memo from the retailer to brand partners, Harvey Nichols has now told suppliers that it was “obliged” to allow Frasers to participate alongside other interested parties, such as Next. The note added that including Frasers would enable a “robust and competitive process” as it continues the search for a new owner.

The sale process was reported to have kicked off last month, with financial advisors from FTI Consulting appointed to review strategic options for the department store. The decision comes after a challenging period for Harvey Nichols, which has struggled to keep pace with competitors.

A sale would bring to an end 35-years of ownership over the company for Dickson Poon, the billionaire entrepreneur who snapped up the retailer in 1991 for 53 million pounds. Poon has since remained chair of the company, and had appointed Julia Goddard as CEO two years ago to oversee the business’ long-term strategy.

In the memo, Harvey Nichols said it remained “encouraged by the level of interest in the business” from parties in both the UK and abroad.