CHAIRMAN OF TROUBLED LAURA ASHLEY DENIES BID RUMOURS

THE chairman of struggling fashion and home retailer Laura Ashley has lashed out at reports that it could be taken into private ownership in an audacious takeover bid.

Andrew Khoo said there had been no takeover approach ‘whatsoever’.

The firm swung to a £1.5m loss in the final six months of 2018. Khoo is now closing a quarter of Laura Ashley’s 120 stores.

According to The Daily Telegraph, investment firm Flacks wants to make a grab for Laura Ashley. Flacks has not yet approached Khoo but believes the brand is undervalued and wants to make a takeover bid ‘imminently’.

The Malaysian Khoo family are Laura Ashley’s controlling shareholders and own more than half of the business.

Khoo said last night that the family has ‘ no intention’ of offloading its controlling stake.

He added: ‘As far as I am concerned, there is no takeover bid because there has been no approach whatsoever.’