Business

The Monday Briefing: Laura Ashley, Hotter and JD Sports

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Laura Ashley: Laura Ashley’s Newton factory is to close next month, leading to a further 57 redundancies, the BBC has reported. 

The closure is a result of a failed management buyout for the UK operations of the business after it fell into administration last month. Chief executive Katharine Poulter had hoped to raise between £5m and £10m to rescue the UK manufacturing and business operations. 

Joint administrators from PwC secured a sale of the Laura Ashley brand to Gordon Brothers in April, giving the right to use the Laura Ashley name.

PwC has been contacted for comment. 

Hotter Shoes: Hotter Shoes has said it will be forced to launch a company voluntary arrangement (CVA) after landlords rejected its plans to shut the majority of its 61 stores, according to The Telegraph. 

The British footwear brand wants to close 51 of its shops and pay a reduced rent on the remainder. It also has plans to cut 120 jobs across its head office and factory in Lancashire. 

With plans rejected by landlords, Hotter Shoes has said it will be forced to launch a formal insolvency process and seek a CVA. 

Hotter Shoes has been contacted for comment. 

JD Sports: JD Sports Fashion is to appeal a decision by The Competition and Markets Authority (CMA) to block its £90m buyout of Footasylum, City AM has reported. 

The CMA concluded in May that the transaction would lead to a ”substantial lessening of competition nationally”.

JD Sports has been contacted for comment. 

Government coronavirus measures: The prime minister is expected to announce a reduction in the two-metre social distancing rule ahead of the proposed reopening of pubs and restaurants on 4 July. 

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