Laura Ashley says Wells Fargo to lend for immediate needs

Clothing and furnishing retailer Laura Ashley said on Wednesday it should be able to use funds from its existing working capital facility with Wells Fargo , its main banking lender, to meet immediate funding needs.

The retailer said on Monday that recent movements in its stock and customer deposit levels had led to a reduction in the amount it can draw down under the working capital facility with Wells Fargo.

Funding talks between Wells Fargo and MUI Asia Limited, Laura Ashley's majority shareholder, have concluded, the company said.

Shares in the company were up 21.2% at 2 pence.