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Sir Dickson Poon, the owner of Harvey Nichols, will be investing a total of £32.5m in the retail group, having lent the department store £25.5m last week, with plans to invest a further £7m.
The news, which is based on accounts filed at Companies House, comes as Poon aims to steer the department store away from financial difficulty.
Since acquiring Harvey Nichols in 1991, Poon has invested a total of £106m in the retail group, which now boasts no external debt.
A company spokeswoman told The Times that Poon believes it is best for Harvey Nichols to be financed by himself and that “this is a clear illustration of his commitment to the successful development of Harvey Nichols”.
During 2023, Harvey Nichols managed to reduce its losses that it accrued from the impact of the pandemic.
The group reported that pre-tax losses fell 29% to £21.3m in the year to 1 April 2023, while sales rose 13% to £216.7m.
Earlier this April, the business also appointed Julia Goddard as its new CEO, effective from June 2024.
