Homewares retailer Laura Ashley has disposed of its stake in formalwear specialist Moss Bros.

Laura Ashley yesterday disposed of its entire 9.5 million shareholding in Moss Bros at 84p per share through Bagleys Investments, a company wholly owned by Laura Ashley.

The disposal came as Moss Bros yesterday reported a 12.9% increase in like-for-like sales for the five weeks to January 11, while like-for-like sales in the 24 weeks to the same date rose 7.3%. It also raised its dividend.

Laura Ashley said: “The proceeds of the sale will enhance the financial position of Laura Ashley and will be used for additional working capital and other purposes.”