LAURA CRASHLEY

Profits at chintzy chain Laura Ashley nearly halved to £4.3million in the second half of last year. The homewares and fashion firm said it was hit by the weak pound against the dollar which drove up buying costs earlier in 2017. Bosses blamed “continued market challenges” after admitting it wouldn’t make the £9m expected in the year to June 30. The City has slashed its forecost to £5m. Half-year sales fell 7.7% to £135m, partly due to closing 25 of its own stores, and DIY chain Homebase, which stocks its products, shutting 22 branches.

The Malaysian-owned firm’s fightback plan includes licensing its name to hotels around the world and having Laura Ashleythemed tea rooms.

The firm owns a hotel in Elstree, North London, and lends its brand to another in the Lake District.

Finance chief Sean Anglim said it hoped guests who liked the hotel decor would go on to buy in its shops.