Laura Ashley secures funding lifeline

Laura Ashley has announced that it has reached an agreement with US bank Wells Fargo regarding a cash lifeline to cover its immediate funding requirements.

Earlier this week, the fashion and homewares retailer revealed it was in talks with Wells Fargo and its main shareholder MUI Asia as it looked to secure new funds to keep on trading.

The retailer now says the discussions have been successfully concluded and that it will be able to access the requisite funds from its working capital facility with Wells Fargo.

The retailer said the outcome of the discussions did not include MUI Asia injecting any more cash into the business.

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