Laura Ashley has confirmed they intend to appoint administrators after admitting coronavirus has had a significant impact on trading, adding that investors were unable to step up and provide the cash required to keep them afloat.

The Congleton store which doesn't stock clothing is currently open for business and can be found at the Congleton Retail Park, on Barn Road.

In a statement yesterday, it said: "The company regrets to announce that the directors of the company, and of the named subsidiaries, have today filed notices of intention to appoint Robert Lewis and Zelf Hussain as administrators.

"If administrators are appointed in respect of the company, given the group's creditor position, the company is not certain whether there would be any surplus assets available to shareholders of the company."

For the seven weeks up to 13th March, trading for the Laura Ashley business improved by 24% year-on-year and the directors were "encouraged" by this strong performance.

"However, the COVID-19 outbreak has had an immediate and significant impact on trading, and ongoing developments indicate that this will be a sustained national situation," the company said in the statement to investors.

Laura Ashley said that MUI Asia Limited had confirmed that it was unable to provide financial support in the required timeframe.

In other business news, Carphone Warehouse, which also has a store located at the Congleton Retail Park, on Barn Road, has announced that it was closing all its standalone shops.

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The shop will be shut from Friday April 3.