// Laura Ashley chairman denies receiving any formal takeover bids
// Earlier this month the retailer revealed its fashion like-for-likes were up 11.8% for the half-year
Laura Ashley chairman Andrew Khoo has confirmed that no formal bids have been received amid reports that the board has indicated a possibility of a company takeover.
“As far as I am concerned, there is no takeover bid because there has been no approach whatsoever. If and when an approach is made, the Board will discharge its duties as always and assess it on its relative merits,” Khoo said.
“I would however like to state for the record that as major shareholders of Laura Ashley, we have no intention of divesting our controlling stake.
“Whilst I understand why potential parties would think we are significantly undervalued, I have complete confidence that we will be able to grow profitably and in a sustainable manner so as to create long-term value for our shareholders.
“We remain just as committed and passionate about this well-loved brand as when we first decided to invest in Laura Ashley over 20 years ago,” Khoo added.
Meanwhile, the homeware and fashion retailer warned that its full-year profits will “fall short of market expectations” after it revealed a drop in half-year revenues just last week.
However, it reported that fashion like-for-like sales were up by 11.8 per cent in the 26 weeks to December 31.