Fashion and furnishings group Laura Ashley on Monday announced it had sold the majority of its remaining overseas stores for just two euros as it looks to complete its exit from continental Europe.

The company said in a press release it had agreed to sell 11 branches throughout Belgium, the Netherlands and Luxembourg to Dutch firm Laben Holdings.

It added Laben has also signed a renewable four-year franchise agreement with Laura Ashley to operate the branches, most of which are in the Netherlands.

The businesses being sold reported annual turnover of £6.7 million and a pre-tax loss of £2.2m. The operations have a net asset value of £1.5m, with the cash impact to the group's UK operations seen as "broadly neutral", it added.

Since January, the group has closed 33 stores - one in Holland, one in Belgium, four in Austria, seven in France and 20 in Germany.

Six stores remain open in France but four are expected to close by November and the firm is also in talks over the sale and franchise of the remaining two stores in France.

In June, Laura Ashley agreed to sell 10 stores in Italy, Austria and Switzerland for two euros as part of its drive to shut or convert to franchise all of its mainland Europe outlets due to falling apparel sales.

"Upon successful completion of all of the above negotiations, Laura Ashley will have completed its exit from continental Europe," it said.