By guest author Sahar Nazir from Retail Gazette
- Laura Ashley to market manufacturing and distribution facilities with the help of real estate advisers Avison Young
- The freehold portfolio consists of six individual properties
Laura Ashley has reportedly hired real estate advisers Avison Young to market its manufacturing and distribution facilities on behalf of joint administrators PwC.
The retailer’s portfolio consists of six individual properties providing in excess of 460000sq ft of industrial space, Property Week reported.
The sites also include 32 acres of land and are located in and around Newtown in Wales.
Avison Young restructuring solutions associate director, Chris Davies said that a number of early enquiries have already been received and the advisers are now “actively inviting interest” for the portfolio as a whole or in part, on both a for sale and to let basis.
Last month, Laura Ashley hired a second administrator to scrutinise the state of its finances before it filed for administration earlier this year.
At the request of the Pension Protection Fund (PPF), FRP Advisory was appointed as joint administrators alongside PwC.
Previous reports indicated that the UK’s pensions lifeboat authority wanted “a second pair of eyes” to oversee investigations into the events leading up to Laura Ashley filing for administration in March and appointing PwC to oversee the process.
Gordon Brothers acquired Laura Ashley out of administration in April, in a deal that included the retailer’s global brand, its archives and related intellectual property.
The deal did not include any of Laura Ashley’s 147 stores, nor its manufacturing and logistics operations in the UK or Ireland, and PwC is still seeking a buyer for this part of the business.