Modella Capital, the investment firm that owns UK retailer TG Jones, has formally entered the race to acquire the struggling luxury department store chain Harvey Nichols.
The move adds a new competitor to the emerging takeover battle for the high-profile retailer, which has been grappling with declining footfall and shifting consumer habits in the UK market.
The development follows reports that UK fashion retailer Next is preparing to launch a takeover bid for Harvey Nichols, according to earlier coverage.
With multiple suitors now circling the distressed asset, the competition for control of the iconic brand is heating up, potentially driving up the valuation for the current owners.
Modella Capital has built a reputation for acquiring distressed UK businesses, including Hobbycraft and Flying Tiger, often with a strategy focused on restructuring and store closures.
Its entry into the Harvey Nichols bid suggests a potential shift in the chain's operational model, as the investment group is known for its pragmatic approach to underperforming retail portfolios.