UK retailer Laura Ashley has sold its stake in men's formalwear specialist Moss Bros.

Bagleys Investments, which is solely owned by Laura Ashley, disposed of its 9.5m shares in Moss Bros Group for 84 pence per share on Tuesday (14 January). 

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

The news comes days after Moss Bros said it expects to finish its fiscal year ahead of market expectations, thanks to accelerated trading over the Christmas period.

Meanwhile, Laura Ashley last month reported a 2% decline in sales for the 19 weeks to 7 December, with like-for-like sales falling 0.7%.