The chairman and majority shareholder of upscale department store group Harvey Nichols, Dickson Poon, on Friday told shareholders his £137.5 million offer is "final".

In a statement, Poon’s investment vehicle Broad Gain warned the recommended 250p a share bid is its "final offer", a threat analysts say was aimed at shareholder Deutsche Asset Management which believes the offer is too low.

The news came as the group posted a 19 per cent year-on-year slide in first half pre-tax profit amid tough retail conditions, something Broad Gain says proves its bid is "a full and fair offer".