Laura Ashley sells Moss Bros holding for £8 million
Laura Ashley sold off its holding in Moss Bros yesterday – a move which netted the women’s wear and home furnishing brand £8 million.
According to City AM, Laura Ashley began to build its stake in the suit-maker in 2008 which fuelled rumours of a takeover, but a bid was never tabled.
On Tuesday the group posted a 13 per cent increase in like-for-like sales in the five weeks to 11 January and boosted its dividend, leading to a share price increase of 20 per cent.
Laura Ashley said the sale will be used to “enhance the financial position of Laura Ashley and for additional working capital”.