Laura Ashley Sells Elstree Hotel for £6 Million

Date: December 2018

Location: Elstree, Hertfordshire, UK

Name: The Manor, Elstree

No. of Keys: 49

Seller: Laura Ashley Holdings PLC who bought the hotel, under it’s Corus Hotels brand, in 2012 for £5.8m, as The Edgwarebury Country Club, an old Tudor House that dates back to 1540. The hotel has a long history in Films and Movies due to it’s proximity to Elstree Studios.

Buyer: Elstree Mill Ltd

Contracts have been exchanged and the deal is expected to complete at the end of January, 2019.

The sale proceeds will be used for general working capital purposes.

“Laura Ashley will continue to expand, both domestically and internationally, into the hospitality business under license and franchise,” the company said.

Shares in the home furnishings and fashion retailer were up 7.7% at 3.8 pence on Tuesday.

On Monday, Press Associated reported Laura Ashley is to close around 40 stores as the company’s new chairman pushes ahead with a fresh vision for the brand which includes expansion in China.

Speaking to the Press Association, Andrew Khoo said he expects to reduce the number of UK stores from 160 to 120, continuing a strategy that has seen 40 retail units close since the beginning of 2015.

However Laura Ashley have big ambitions to grow it’s Laura Ashley Hotels and Tea Rooms brand.

THPT Comment: However Laura Ashley have big ambitions to grow it’s Laura Ashley Hotels and Tea Rooms brand.

First Seen: Morningstar

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