Laura Ashley optimistic about hotel and tea brands as high street trading proves tough
Laura Ashley has said it is optimistic about the franchising possibilities presented by its hotel and tea room concepts following disappointing financial results.
The company saw pre-tax profits for the year to 30 June 2018 fall to £100,000, compared to £6.3m the previous year.
Laura Ashley chairman Khoo Kay Peng said the fall in profits resulted from difficult trading conditions and a one-off impairment charge related to the sale of a property in Singapore.
With like-for-like retail sales down 0.4% he added: "Having decided earlier this year to franchise the hotel and tea room concept both domestically and internationally, we have made good progress and are optimistic about the possibilities for growth. This will give the group brand enhancement and profitability going forward."
The third Laura Ashley hotel, Burnham Beeches on the border of Buckinghamshire and Berkshire, is currently being rebranded under an agreement with Corus hotels.
It joins the Manor in Borehamwood, Hertfordshire, and Laura Ashley the Belsfield, which overlooks Lake Windermere.
Rebranding of Burnham Beeches as a Laura Ashley hotel is under way>>
