Laura Ashley opens boutique hotel

Laura Ashley unveiled plans to open a boutique hotel in Hertfordshire yesterday as it posted a fall in full-year profits.

Laura Ashley bought the hotel at an unspecified location for £5.8m in November to showcase its home accessories, furniture and decorations. Nick Kaloyirou, Laura Ashley's chief operating officer, said it had no plans to open more hotels.

Pre-tax profits at the retailer fell 2.6 per cent to £18.8m, largely due to rising costs.