Laura Ashley snubs bid

LaUra asHLEY has knocked back a £20m bid to buy the retailer, branding it ‘opportunistic and unsolicited’.

The company, set up in 1953, said it has received an offer from Miami-based investment firm Flacks Group.

But it was disappointed Flacks did not engage with the board before lodging the bid.

and it said the offer ‘substantially undervalues’ Laura ashley, which has a market value of around £24m.

The Malaysian khoo family are Laura ashley’s controlling shareholders and own more than a third of the business through retail and hotels group Mui asia.

khoo kay Peng, who was replaced by his son andrew khoo as chairman last year, owns a further 25.8pc through a personal shareholding.

andrew khoo urged shareholders to support management. He said: ‘since assuming the role of chairman recently, I would like to reiterate that I hold a long- term view of the group.

‘Opportunistic and unsolicited offers that are speculative in nature, and playing to a shortterm market that creates unnecessary volatility to the share price, are not welcome.

‘However, we will not be distracted from our focus on the business fundamentals as we continue to transform the group into a true lifestyle brand.’

khoo is closing a quarter of Laura ashley’s 120 stores amid falling demand for its traditional floral wallpaper and other homeware.

It swung to a £1.5m loss in the final six months of 2018 as sales in its furniture and decorating divisions dived. Meanwhile, fashion sales jumped 11.8pc.