Laura Ashley sells hotel for £6m after announcing store closures
Fashion and home furnishing company Laura Ashley has announced the sale of its Laura Ashley Hotel, The Manor in Elstree, Hertfordshire, for £6m.
The hotel was acquired by the company in 2011 for £5.8m and reopened in 2013 following a full refurbishment to integrate the brand’s furniture, textiles and overall aesthetic.
The sale comes days after the new chairman of Malayan United Industries, Andrew Khoo Boo Yeow, revealed plans to cut its UK store count by 40 to 120 locations, and a greater focus on the Chinese market.
Despite the sale, Laura Ashley will continue to expand, both domestically and internationally, into the hospitality business under license and franchise, it announced in a statement.
The company has currently four Laura Ashley licensed Tea Rooms and one Laura Ashley licensed hotel, The Belsfield, in Windermere.
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