Upscale department store group Harvey Nichols is to go private after chief executive Dickson Poon finally won his battle and secured enough shareholder support for his 250p a share offer for the retailer.

The Hong Kong-based businessman's victory means his investment vehicle Broad Gain now owns 76.8 per cent of the luxury retailer which has stores in London, Edinburgh, Leeds and Birmingham.

The company will be delisted from the London Stock Exchange on December 9 after Mr Poon's successful £137.5 million bid which succeeded despite strong opposition from leading institutional investor Deutsche Asset Management which said the offer was too low.

Deutsche Asset Management also said it will not go ahead with its threat to sue suing Harvey Nichols' independent directors.

Mr Poon's first bought the famous group 11 years ago for £53m but in 1996 floated a large portion of it.