Harrods sets aside more than £60m for Mohamed Al Fayed abuse victims

Harrods has put aside greater than £60m in its plan to compensate alleged victims of historic abuse.Greater than 100 workers of the luxurious division retailer are anticipated to assert as much as £385,000 every through the redress scheme which is open till March 2026.The scheme, launched in March, offers to victims who declare they’ve suffered abuse by former Harrods proprietor Mohamed Al Fayed, who died in 2023.A number of girls have accused Fayed, who owned the luxurious retailer between 1985 to 2010, of rape and sexual assault. The Met Police stated that 146 folks have come ahead to report against the law of their investigation into Fayed.Harrods have put aside £57 million for use to compensate alleged victims, with an additional £5.3m reserved to cowl authorized and administrative prices, bringing the entire quantity allotted to £62.3 million. Harrods Managing director Michael Ward stated that “greater than 100 survivors” have joined the method of the scheme because it was opened.He added: “Compensation awards and interim funds started being issued to eligible survivors on the finish of April 2025 and the scheme will stay open till 31 March 2026.”The compensation scheme will award every eligible claimant basic damages of £200,000. They might obtain as much as £385,000 in compensation, plus remedy prices, if they comply with be assessed by a marketing consultant psychiatrist, or as much as £150,000 and not using a medical evaluation, Harrods stated in March.Partially as a result of scheme, Harrods recorded a £34.3 million loss in its newest full yr accounts, in contrast with a revenue of £111 million the earlier yr.In a press release asserting the scheme, Harrods stated: “Whereas we can not undo the previous, we have now been decided to do the correct factor as an organisation, pushed by the values we maintain right now, whereas guaranteeing that such behaviour can by no means be repeated sooner or later.”To be eligible for the scheme, claimants should show that they had been topic to sexual assault and/or wrongful testing, and show that Harrods is liable. A lot of those that say Fayed abused them underwent intrusive medical examinations once they had been employed.In accepting a compensation provide, victims will waive their proper to pursue additional motion for damages.The Harrods Group additionally operates smaller shops at London’s Heathrow and Gatwick airports, in addition to a small chain of magnificence shops. Revenues for the monetary yr 2024 had been broadly flat at simply over £1bn.It blamed the drop in earnings on weaker magnificence buying and selling and modernising a few of its programs.Mr Ward added: “The present home and international financial setting signifies that present buying and selling situations within the luxurious sector stay difficult.”Nevertheless, we stay assured within the energy of the enterprise, and the resilience of the luxurious sector, and that we are going to proceed to drive progress in the direction of longer-term progress and efficiency goals.”Fayed was not charged earlier than his loss of life two years in the past.