Laura Ashley has announced it “should be able” to meet its immediate funding requirements with funds from its working capital facility with Wells Fargo.
The news follows the retailer’s announcement on Monday that its majority shareholder MUI Asia is discussing arrangements with its lender, Wells Fargo.
At the time it stated: ”If the group remains unable to access the requisite level of funding, then the company will need to consider all appropriate options.”
The board has now announced: ”Discussions relating to the group’s immediate funding requirements have concluded and the group should be able to utilise requisite funds from its working capital facility with Wells Fargo to meet its immediate funding requirement.”
As previously stated, this is not a cash injection by MUI Asia into the Group.
Laura Ashley will announce its interim results for the six months ending 31 December on Thursday.