Ashley (Laura) Hldgs PLC ADMINISTRATORS APPOINTED TO LAURA ASHLEY (1774H)

TIDMALY

RNS Number : 1774H

Ashley (Laura) Hldgs PLC

23 March 2020

23 March 2020 FOR IMMEDIATE RELEASE

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION. THIS ANNOUNCEMENT CONTAINS PRICE SENSITIVE INFORMATION

Laura Ashley plc

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014 ("MAR").

23 March 2020

For immediate release

ADMINISTRATORS APPOINTED TO LAURA ASHLEY

LAURA ASHLEY HOLDINGS PLC

(the "Company" and together with its subsidiaries, the "Group")

Further to the Company's announcement on 17 March 2020, the directors of the Company, and of the named subsidiaries, have resolved to file documents at court today to appoint Rob Lewis and Zelf Hussain of PwC as Administrators of the Company and of the named subsidiaries. That application is expected to be approved over the course of the day.

Regretfully 70 UK stores will be closed permanently today and potentially 721 employees affected. The Administrators will be working with those employees affected to help them understand what this means for their roles and provide all necessary support.

The Company will continue to trade the remaining 77 UK stores which will be open as normal and purchases will continue to be accessible online. Our franchisee and licensee partners also continue to trade as normal.

The initial focus of the Administrators will be to engage with parties who are interested in acquiring the business with the aim of securing a buyer.

Katharine Poulter, CEO, said:

"Since my appointment just last month, I have shared my vision for the future of this brand, accompanied with a robust turnaround plan to set the future direction of the company and return Laura Ashley to the great British brand that is known and cherished around the world. The vision also included reconnecting with our traditional values and our strong British heritage and focusing on developing Laura Ashley as a lifestyle brand."

"I remain unwavering in my belief that Laura Ashley can and should retain the place it deserves in the international retail landscape. Unfortunately, we will lose some brilliant people through no fault of their own. However, I remain hopeful there is a buyer out there who shares my vision and can see the enormous potential of this iconic British brand that is known and loved around the world."

The Company will request that its ordinary shares be cancelled from listing on the premium segment of the Official List of the FCA and from trading on the main market of the London Stock Exchange following the appointment of the Administrators.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Sagar Mavani, Chief Financial Officer.

Enquiries:

 
  Anita Scott / Alice     Brunswick     LauraAshley@ 
   Gibb                                  Brunswickgroup.com 
                                         0207 404 5959 
 

PwC press office PwC 02072131768

 
 Rick Thompson / Michael      Cantor Fitzgerald 
  Boot                         Europe               020 7894 7000 
 

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March 23, 2020 06:00 ET (10:00 GMT)