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Laura Ashley files for administration
Retailer Laura Ashley has filed notice to appoint administrators after encountering cashflow issues as a result of the Covid-19 outbreak.
Editor at Credit Strategy. Previously held roles at Accountancy Age, Accountancy Daily and the Leicester Mercury.
Editor at Credit Strategy. Previously held roles at Accountancy Age, Accountancy Daily and the Leicester Mercury.
For the seven weeks up to March 13, trading for the Laura Ashley business improved by 24 percent year-on-year and its directors said they were encouraged by its performance. However, it said the Covid-19 outbreak has had “an immediate and significant impact on trading”, with conditions unlikely to improve in the short-term.
In a statement, the company said its directors are in discussions with for the provision of third-party debt funding, but, based on its revised cashflow forecasts, it does not expect the additional funding will arrive in time.
Parent company MUI Asia has confirmed that it is unable to provide financial support in the required timeframe.
“Accordingly, the company regrets to announce that the directors of the company, and of the named subsidiaries, have today filed notices of intention to appoint (PwC administrators) Robert Lewis and Zelf Hussain as administrators,” it said.
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