Laura Ashley sells stake in Moss Bros
Fashion and homewares retailer Laura Ashley has raised nearly £8 million by selling its entire holding in mens formalwear retailer Moss Bros.
Earlier this week, Moss Bros shares surged in price after it announced that it expects its full year profits to exceed market expectations following a 12.9% rise in like-for-like sales in the five weeks to 11 January.
In a statement Laura Ashley said it had disposed of its 9. 5 million shares in Moss Bros at a price of 84 pence per share.
The retailer said the proceeds of the sale will be used to enhance its financial position and for additional working capital.
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